Ann: Annual Report to shareholders, page-4

"As at the date of this report, the company is engaged with a number of companies who are currently conducting due- diligence. In addition, the company is in discussions with a number of other companies also interested in joining the process.
IPB’s farmout opportunity remains well placed on the maturity curve given it is an updip appraisal on an existing discovery that if successful is very likely to be commercial and of material size that can brought into production relatively quickly.
Looking ahead
With a renewed industry outlook, underpinned by a strengthening oil price and combined with recent regional exploration successes, IPB Petroleum enters the new year very positive about its prospects and looks forward to a successful coming twelve months."