Australia-based IPB Petroleum Limited (ASX: IPB) has entered into a Binding Terms Sheet to acquire Peritas LLC, an Alaska registered company owned by Paul L. Craig, who has been involved in Alaska oil and gas leasing, exploration and production since 1993.
(See map in the online issue PDF)
Peritas has executed a binding agreement with a third party to acquire a 100% working interest in 143,368 acres of highly prospective leases, comprised of 11 exploration leases and 2 unitized leases covering the previously discovered Umiat oil field in the National Petroleum Reserve of Alaska, or NPR-A.
IPB's acquisition of Peritas is scheduled to close on or before Jan. 31.
The leases being acquired are approximately 21.8 miles south of the Willow Project and some 31.1 miles southwest of the Horseshoe/Pikka/Narwhal discovery.
The three northernmost leases are reportedly on trend with the 700-million-barrel ConocoPhillips Willow Project.
The NPR-A has recently been rejuvenated for oil exploration and
development by the Trump administration, with activity in the region expected to increase and an upcoming lease sale in the NPR-A scheduled for early 2026.
According to a Dec. 4 ASX announcement by IPB, the 11 exploration leases are on trend with the north south running clinoform petroleum systems which have been proven to contain major discoveries of oil, as evidenced by the large developments being undertaken by Conoco Phillips, Repsol, and Santos.
88 Energy
The tracts were originally leased by XCD Energy Limited before being acquired by 88 Energy Limited then led by Dave Wahl and called the Peregrine Project.
88 Energy drilled two exploration wells on one of the Peregrine prospects, Merlin; the primary target being the prolific Nanushuk. Although the wells were not dubbed as discoveries, they did confirm the presence of hydrocarbons.
However, the other main Peregrine prospect, Harrier, has not yet been drilled.
88 Energy later sold all the leases when Wahl retired.
Harrier first
The Umiat oil field is covered by the 2 remaining unitized leases. Prior owners of the Umiat oil field have undertaken detailed development studies which demonstrate that the field could potentially be economically developed in the right oil price environment.
On completion of the transaction, IPB intends "in the first instance to revisit the significant remaining prospectivity of the existing exploration leases -- e.g. the untested Harrier prospect --, consider
new leasing opportunities in the NPR-A, and review and update the Umiat development studies."
Craig's roles
On execution of the Binding Terms Sheet, IPB paid Craig a US$10,000 exclusivity fee to secure rights to close the proposed transaction on or before Jan. 31 (which may be extended, by mutual agreement.)
During the exclusivity period, IPB has agreed to lend Peritas US$300,000, which is to be used as collateral for a lease bond as required under the Bureau of Land Management regulations.
On settlement Peritas will become a wholly owned subsidiary of IPB and the bond will be the property of IPB.
Furthermore, and concurrent with signing the Binding Term Sheet, IPB has entered into a consultancy agreement with Craig whereby subject to settlement of the acquisition, Craig will act as IPB's in-country advisor.
Craig will be remunerated through an equity arrangement under which he will be issued 30 million performance rights in IPB.
In a Dec. 9 interview with Craig, he spoke highly of Dougal Ferguson, IPB's chairman.
"Dougal is a great guy. Basically I was on the opposite side of the negotiation table from him in 2017 -- he's a tough negotiator but a good person. ... also a good businessperson. Very realistic, impeccable ethics."
Fergoson's involvement in Alaska oil and gas goes back to those 2017 negotiations; a search in Petroleum News archives picks up his name going back to 2018.
And, Craig also noted, "IPB is a small company, but it has the capacity, the ability to raise capital for exploratory drilling. ... Chieftain Securities in Perth primary lead."
