want exposure in 2006

18 January 2006
ASX RELEASE
COMPANY UPDATE
• Impress raises A$2.05 million via placement
• Mirage production increased to 380 barrels of oil per day
• 3D survey outlines considerable upside potential for Mirage/Burruna area
Placement
Impress is pleased to announce that it has completed a placement of 36,342,598
shares at 6 cents per share to raise, after costs, approximately A$2.05 million. The
funds were placed with a group of sophisticated investors, including a number of
overseas entities, and will be used to fund Impress’ share of the aggressive 2006
drilling program in the Cooper Basin.
Following payments associated with the completion of the purchase of a further
12.5% interest in permits PEL 86, 87, 89, 104, 111 and 115, (to make a total of 40%
working interest), the company will have approximately A$4 million with which to
fund its share of the drilling program which is now expected to commence on or
about 24th January with the drilling of the Mirage 2 well.
Costs associated with the first five wells in the program, including Mirage 1, 2 and
3 will be approximately $3.5 million.
Impress expects that positive results of the drilling program may lead to a further
2 development locations being drilled at Mirage for a cost to Impress of
approximately A$1.4 million.
Mirage Production
On the 12th January the pump rate at the Mirage 1 well was increased such that
the well is now producing at approximately 380 barrels of oil per day. Combined
with Ventura 1, gross production now stands at over 440 barrels of oil per day,
with Impress’ 40% share representing gross monthly revenue of over A$400,000
per month based on US$60/bbl oil price and a US$/A$ rate of 0.75.
3D survey
Impress has interpreted the 3D Mirage seismic survey over the last few months
and is extremely pleased with the results.