Innamincka Petroleum (INP)

Shares / Stock Code

INP

Stock Exchange / Sharemarket

ax

Innamincka Petroleum (INP) is involved in exploration for and development of oil and gas in the Cooper Eromanga basin of Central Australia. The company holds interests in three permits in joint ventures with V E Faulconer Australia Incorporated (VFI).

These permits are two tenements in South Australia, PEL 101 and PEL 103, and one tenement in Queensland, ATP 543P South. The initial exploration program in 2003-2004 resulted in the discovery of two new oil and gas fields from the four-well program in PEL 103. Innamincka Petroleum Limited was listed as a public company in November 2003. Its head office is situated in Brisbane.

INP is pressing forward in its ambition to be a substantial petroleum producer in the Cooper basin. In the 2004/ 2005 financial year, the company drilled five wells, discovering one substantial oil field, one gas accumulation and further extending the newly discovered Juniper oilfield. Seismic surveys have been completed, and production testing of the Flax oil field was initiated. This was a significant level of activity for a relatively small petroleum exploration company.

Competitors of Innamincka Petroleum consist of other oil and gas drilling sights such as BP, Shell, Statoil and many smaller players. Major customers are major transport groups, mining companies and the aviation industry.