International Petroleum Limited - ASX:IOP
Description
International Petroleum Limited is an Australian domiciled, NSX listed (NSX code: IOP), oil and gas exploration company.
In June 2010, the Company completed the acquisition of Eastern Petroleum Corporation Limited (Eastern). One of Eastern’s wholly owned subsidiaries operates and owns a 50% interest in subsoil use rights for the exploration of hydrocarbons in an early stage project covering an area of 24,649 square kilometres in eastern and south eastern Kazakhstan (Kazakhstan Project). The Kazakhstan Project is within the Alakol Basin in eastern Kazakhstan, on the Chinese border. The Alakol basin is considered to be similar to the Junggar and Zaisan basins across the border in China, both proven oil provinces.
The successful completion of a placement for $30 million in May 2010, supported by blue chip international funds and institutional investors, has provided the Company with funds to commence exploration of the Company’s Kazakhstan Project.
The Company’s strategy is to locate and assess oil and gas exploration projects in both established provinces and green field areas of Kazakhstan and Russia, quickly establish commercial reserves, bring established fields to production stage and in turn maximise shareholder return.
Alakol Basin - Kazakhstan
The Alakol Basin is located in eastern Kazakhstan and borders the western boundary of the People’s Republic of China. The Company’s key asset is its 50% interest in an early stage project covering 24,649 km2 of the Alakol Basin and Balkhash Basin (Alakol Project). The Alakol Block almost entirely covers the Alakol Basin (and partially the Balkhash Basin), a major unexplored oil and gas basin situated on the Chinese border across from the contiguous multibillion barrel oilfield complex of Junggar – Karamay Fields in China. International Petroleum’s subsidiary company, North Caspian Petroleum Limited, has exclusive exploration rights to the Alakol Project until November 2012.
Krasnoleninskiy Project - Russia
The Krasnoleninskiy project is located in the heart of Russia’s largest oil producing areas, Khanty Mansiysk in Western Siberia (54% of Russian oil production originates from the Khanty Mansiysk region). The Company has an indirect 75% equity interest in Russian company, Irtysh-Neft which holds license rights to explore the four blocks covering a total area of 1,467 sq km comprising the Krasnoleninskiy project.
Potential Projects
The Company is actively seeking to increase its portfolio with quality oil and gas projects in Kazakhstan and Russia.
Mine For
Oil, Gas
Location of Operation(s)
Russia, Kazakhstan
Address
18 Oxford Close
LEEDERVILLE, WA, Australia
Phone
+61 8 9388 0744
info@intpet.com.au
Website
