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IPB Petroleum Gains PGS Australia As Substantial Shareholder

IPB Petroleum (ASX: IPB) has received a substantial shareholder notice from PGS Australia, an existing shareholder of the company.

The international oilfield services provider, which seismic and electromagnetic acquisition and processing services, holds 8.2 million shares, or 8.3%, in IPB.

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.

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