INTERNATIONAL PETROLEUM LIMITED

INTERNATIONAL PETROLEUM LIMITED

Previous company name
INTERNATIONAL GOLDFIELDS LIMITED
Name change date
12/4/2009
Company Overview
International Goldfields Limited is a publicly quoted company based in Australia which is engaged in the exploration of gold and other minerals. It was incorporated in the year of 2006 and has its registered corporate headquarters located in Leederville.
The company is involved in the exploitation of gold resources at the Mount Ida Project; the exploration of the Evanston project which contains a resource base of approximately 215,000 ounces of gold; and the examination of the potential of the Sacu project in Romania in partnership with BHP Billiton Ltd.
International Goldfields’ shares are traded on the Australian Stock Exchange under the ticker symbol IGC.
Business Summary
The principal activity of the Company are mineral exploration such as gold exploration.
Description and history
International Goldfields Limited is a listed public company, incorporated and domiciled in Australia on January 31, 2006 whose shares are publicly listed on Australia Stock Exchange on May 2, 2006.

The principal activity of the Company are mineral exploration.

International Goldfields Limited (‘IGC’) and Cape Lambert Iron Ore Limited (‘CFE’) [formerly was International Goldfields Limited (‘IGL’)] entered into a letter agreement dated 17 April 2006 (Letter Agreement) whereby IGC and CFE agreed to a variation of certain clauses in the Mining Assets Agreement. The material terms of the Letter Agreement are:

(a) Pursuant to clause 3.2 of the Mining Assets Agreement, CFE retained the right to explore and mine iron ore on the tenements transferred to IGC pursuant to the Mining Assets Agreement (Tenements);

(b) Pursuant to clause 10.4 of the Mining Assets Agreement, CFE agreed to pay half the minimum expenditure on all of the tenements comprising the Evanston Project for each of the first 2 years following the Settlement Date (being a minimum of $280,000 per year).

(c) In accordance with clause 17 of the Mining Assets Agreement CFE and IGC agree to vary clause 10.4 of the Mining Assets Agreement such that CFE agrees to incur the following expenditure amounts on the Tenements for the purpose of satisfying clause 10.4 of the Mining Assets Agreement:
(i) $350,000 in the first 6 months following the Settlement Date; and
(ii) $250,000 in the following 12 months after (i).

(d) CFE also agrees to commit to pay all:
(i) mining expenditure on Mt Ida project until 30 June 2006; and
(ii) all IGC float coasts and stamp duty in respect to the Mining Assets Agreement.

On December 4, 2009 the company has changed its name from International Goldfields Limited to International Petroleum Limited with ASX code ‘IPO’.

On September 3, 2010, the Company was delisted from ASX pursuant to Listing Rule 17.11.

Business Line
Engaged in the exploration of gold and other minerals
Subsidiary
EASTERN PETROLEUM CORPORATION LIMITED
Advisor
ERNST & YOUNG
IPO date
5/2/2006
US SIC Code
1041
Company Address
18, Oxford Close

City province or state postal code
6007, LEEDERVILLE, WA
Phone: +61 8 9388 0744
Fax: +61 8 9382 1411
Country address: AUSTRALIA
Website url: www.internationalgoldfields.com