Jobs For The Boys....., page-2

Philip Smith

	Column 1	Column 2	Column 3
0		2016 ​ $​	2017 ​ $​
1	Executive Pay	163,500​	163,875​

Company. I believe the executive directors exert significant control both at a board level and ownership of the Company which is not in the best interests of shareholders.

Based on cash reserves outlined above and the Company’s limited operational activities, Mr Smith’s current base remuneration of $1,000 per month plus $1,500 per day for provision of supplemental technical management services is unreasonable and uncommercial.

The payments to the Messrs Brown and Smith and to the three non-executive directors, the substantial expenditure associated with work commitment programs pursuant to the Company’s 3 exploration permits together with standard corporate overheads, will render IPB Petroleum broke in the near future, or IPB Petroleum shareholders will be heavily diluted if additional capital is raised. I am seeking to avoid this outcome.

The market capitalisation of IPB Petroleum does not support the size and composition of the current board Mr Smith was appointed as technical director on 1 November 2010 and is responsible for exploration, or acquisition and or appraisal, and if successful development and production from oil and gas assets


Mr Smith is a substantial shareholder of IPB Petroleum holding 26,444,737 shares or 16.49% and along with the other executive director Brendan Brown controls approximately 34% of the company.