The company's IPO opened on 12 March with the aim of raising a minimum A$2.5 million at 50i Australian cents per share.
IPB's board and management team is understood to comprise former employees of BHP Billiton's petroleum division.
The company's first exploration well is called Pryderi-1, which has pre-drill potential of 40 million barrels of recoverable oil.
It is located in Block WA-424-P, which also contains the non-commercial Gwydion oil discovery, which was drilled by BHP in 1995.
IPB
