IPB Petroleum Eyes Alaska with $1.27M Raise and Strategic Acquisition
IPB Petroleum is set to expand its footprint into Alaska’s National Petroleum Reserve with a major lease acquisition, supported by a recent $1.27 million capital raise. The company also plans a rebrand to Forte Energy, signalling a new chapter.
- Binding Terms Sheet signed to acquire Peritas LLC’s 143,368 acres in Alaska’s NPR-A
- Includes the undeveloped Umiat oil field near ConocoPhillips’ Willow Project
- Raised $1.27 million to fund technical studies and working capital
- Applied for 9-month extension on WA-424-P permit in Western Australia
- General Meeting scheduled to ratify placement and approve name change to Forte Energy
Strategic Expansion into Alaska
IPB Petroleum Limited (ASX – IPB) has taken a decisive step to broaden its exploration portfolio by signing a Binding Terms Sheet to acquire Peritas LLC, an Alaskan-registered company holding over 143,000 acres of oil and gas leases within the National Petroleum Reserve of Alaska (NPR-A). This acquisition includes the Umiat oil field, a previously discovered but undeveloped resource, strategically positioned just 35 kilometres south of ConocoPhillips’ massive 700 million barrel Willow Project.
The NPR-A leases encompass 11 exploration leases and two unitised leases, offering IPB both near-term re-evaluation opportunities and significant exploration upside. The company has provided a US$300,000 unsecured loan to Peritas to meet federal bonding requirements, with completion of the acquisition expected by 28 February 2026. Upon completion, Peritas will become a wholly owned subsidiary, integrating these Alaskan assets into IPB’s broader strategic vision.
Supporting Growth with Capital Raising
To underpin this expansion, IPB successfully raised approximately $1.27 million (before costs) through a placement during the December quarter. These funds are earmarked for initial technical and commercial studies on the NPR-A assets, evaluating further complementary acquisitions, and general working capital. The company ended the quarter with a cash balance of about $1.84 million and no debt, reflecting prudent financial management amid its growth ambitions.
Maintaining Australian Operations and Flexibility
While focusing on Alaska, IPB remains committed to its Australian permit WA-424-P in the Browse Basin. The company has applied for a 9-month suspension and extension to preserve tenure and allow more time to secure funding or a farm-in partner to drill the committed exploration well. This measured approach indicates IPB’s intent to balance new opportunities with existing assets, maintaining flexibility in its exploration program.
Corporate Governance and Rebranding
IPB has scheduled a General Meeting for 5 February 2026 to ratify the recent placement, approve performance securities linked to the Peritas acquisition, and seek shareholder approval to change its name to Forte Energy Limited. This rebranding will be accompanied by a comprehensive corporate refresh, signalling a new strategic phase for the company as it integrates its Alaskan assets and pursues further growth opportunities.
Overall, IPB Petroleum’s latest quarterly report reveals a company positioning itself for significant transformation, leveraging a low-cost entry into a highly prospective Alaskan basin while maintaining its Australian foothold. The coming months will be critical as the acquisition completes and the company navigates shareholder approvals and funding arrangements.
Bottom Line?
IPB’s pivot to Alaska and rebranding set the stage for a transformative year, but execution risks remain.
Questions in the middle?
- Will the Peritas acquisition complete smoothly by the end of February 2026?
- Can IPB secure a farm-in partner or funding to drill the WA-424-P exploration well?
- How will the market respond to the company’s rebranding as Forte Energy?
