itc drilling oil

Interesting to note the company's forcast/possible senario in this weeks presentation for the coming years;


2005/6 gross income $3 million
2006/7 gross income $21 million.
2007/8 gross income $30 million.


assumes wildcat success rate of 40 % (reasonable)
assumes .74cents xchange rate (reasonable)
assumes $55 bbl oil (overly conservative)

with a market cap of $31 million at the moment ITC are looking dirt cheap on future reasonable possibilities.
with income expected to grow ten fold in the next few years, what would a reasonable share price be with that income coming in?


cheers