Oil & Gas

In 2020 Quay Resource Investments Pty Ltd (QUAY) and IPB Petroleum Limited (IPB) and its wholly owned subsidiary IPB WA 424P Pty Ltd titleholder and operator of permit WA-424-P has signed a farmin and funding agreement with Quay Resource Investments Pty Ltd where as (QUAY) acquired a 50% ownership of permit WA-424-P in a Joint Venture Strategic Partnership with IPB Petroleum Limited (IPB) were (QUAY) provides the necessary funding to develop and operate the Idris well.

Following the completion of the company’s 3D seismic reprocessing and depth conversion project, IPB Petroleum completed a thorough technical review of the prospective oil resources attributed to the Idris prospect in 2018. As a result, the Prospective Resources attributed to the Idris prospect were significantly increased on a most likely basis (P50) to 159 MMBBLS of oil (recoverable) respectively.