IPB Petroleum's (ASX:IPB) quarterly report for the period ending 30 June 2023, revealed key activities for the quarter.

The company received confirmation from the government that the “Declaration of Location” for the Gwydion oil and gas discovery was approved.

The company also completed further engineering studies for potential early development of the Gwydion oil and gas discovery.

Lastly, the company made progress in commercial discussions, and technical evaluation for new ventures, and finished the quarter with a cash balance of about $1.4 million.