Australia's IPB Petroleum hits over 2-year high on farm-in, funding agreement

Forte Energy

30/11/2020 24:32

** Shares of IPB Petroleum  IPB.AX  rise as much as 30.2% to
A$0.056, their highest since Oct 2018
    ** The oil and gas explorer's unit signs farm-in and funding
agreement with Quay Resource Investments (https://bit.ly/3mg3o8S)
    ** Under agreement, QUAY will earn 50% interest in a permit 
in Browse Basin, North-Western Australia, for debt funding in
two tranches to the permit's joint venture
    ** Says tranche A funding is $31 mln, with an optional
tranche B funding of $203 mln for Idris appraisal well
    ** Stock marks biggest intraday pct jump since Sept 22
    ** About 8.6 mln shares change hands, compared with the
30-day average of nearly 800,000 shares
    ** Stock up 72% this year, as of last close

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com;))