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IPB Petroleum Gains RMB Resources As Substantial Shareholder

IPB Petroleum (ASX: IPB) has received a substantial shareholder notice from RMB Resources as it was an existing shareholder of the company before it listed on the ASX.

RMB holds 5,464,500 shares, or a 5.53% interest in the company as the trustee for Telluride Investment Trust and other entities, and holds voting rights and the right to dispose of shares.

IPB started trading on the ASX yesterday, offering investors exposure to two highly prospective offshore Browse Basin oil and gas tenements.

Notably, the first well on its Pryderi oil prospect in WA-424-P is fully funded by farm-in partner CalEnergy, a fully-owned subsidiary of Berkshire Hathaway's MidAmerican Energy Holdings Company.

This targets mean recoverable prospective resource of 40 million barrels and has an overall 45% chance of success.

IPB has $4.1 million in cash at hand.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.