IPB Petroleum and Pivotree Execute MOU for Gwydion Development

For Immediate Release

Highlights

  • IPB Petroleum has executed an MOU for use of the PIVOTREE technology for the potential future development within its WA-424-P permit focused on the proven Gwydion oil and gas discovery and potential Idris extension.
  • Adoption of the PIVOTREE technology is aimed towards allowing IPB to develop the field at significantly reduced future development expenditure and likely realise faster development of discovered resources.
  • This is a significant milestone in bringing the Gwydion and potential Idris extension closer towards future appraisal, development, and production.

Oil and Gas technology company Pivotree (or the “Company”) is excited to announce it has signed a Memorandum of Understanding (MOU) with IPB Petroleum (or “IPB”) for the development of the oil and gas resources associated with the Gwydion oil and gas accumulation within WA-424-P.

Previous study work has uncovered significant economic potential of IPB’s resources within the Gwydion field. These findings are thought to hold material potential for IPB Petroleum and the Australian energy sector, presenting new opportunities for additional domestic energy production.

The MOU allows for commercial terms which will enable IPB to secure preferential access to the PIVOTREE technology, in addition to the support of PIVOTREE’s expertise in subsea and development engineering and innovation.

Deployment of the PIVOTREE technology within WA-424-P and therefore any future production licence is anticipated to realise a value-add lower cost development solution for the oil and gas accumulation associated with the Gwydion discovery. In addition to adopting environmentally conscious approaches to extraction and production, IPB anticipates that the PIVOTREE technology may reduce environmental impacts, particularly related to decommissioning and associated costs and risks.

The MOU also includes an option for IPB and PIVOTREE to work together on identifying and developing future harder to develop assets, through PIVOTREE’s global network of agents and potential opportunities.

Location map: IPB’s WA-424-P permit offshore NW Australia

Managing Director, IPB Petroleum, Brendan Brown commented:

“We are extremely pleased to be given the opportunity to engage with PIVOTREE and their team on the potential future development of the hydrocarbon discovery within WA-424-P. The innovative technological and lower cost solution is anticipated to provide a lower risk upfront capital cost for a future potential development within our WA-424-P permit. With early production information it is possible that IPB may also get improved information on the ultimate resources likely available associated with the Gwydion discovery and potential Idris extension upside. A lower cost and lower risk solution may also assist with the future financing of a development.”

Executive Director, PIVOTREE, Marcus Christian commented:

“We are privileged to be working with IPB as they move forward in developing their Browse Basin assets. PIVOTREE has been designed and built here in Australia to support companies all over the world, extract the greatest possible value for their shareholders from certain proven discovered hydrocarbon discoveries. It is great to be working with another Australian firm such as IPB that shares our vision.

About Pivotree Pty Ltd:

Pivotree Pty Ltd is a technology company based in Perth, Western Australia. The company specialises in low-cost, low-risk, agile energy production and carbon storage technologies, with a mission to accelerate the global transition to a sustainable and low-carbon energy system.

For more information about Pivotree Pty Ltd and its innovative technology, please visit www.pivotree.com.au

About IPB Petroleum:

IPB Petroleum is an Australian conventional oil exploration company that has a material position in what it believes to be a potential new oil fairway along the south margin of the Browse Basin offshore Northwest Australia.

For more information about IPB, please visit www.ipbpet.com.au.

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This announcement is authorised for release by Marcus Christian, Executive Director, Pivotree.

For further information please contact:

Marcus Christian, Executive Director

mpchristian@pivotree.com.au

Forward Looking Statements

Statements contained in this release, particularly those regarding possible or assumed future performance, revenue, costs, dividends, production levels or rates, prices or potential growth of Pivotree are, or may be, forward looking statements.  Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties.  Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

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