an underpriced gorilla microiler

Placement went through at 4.5c for $1.5 mill in late September. Nice little spec for 05/06. Currently 5c.

16:05, Tuesday, 18 October 2005

Sydney - Tuesday - October 18: (RWE Australian Business News) -
Emerging oil producer, Impress Ventures Ltd (ASX: ITC) reporst it has
taken a significant step towards establishing itself as a meaningful
and profitable participant in South Australia's Cooper Basin.
Impress signed a conditional agreement today to purchase 100% of
oil and gas explorer Entek Energy Ltd's (ASX : ETE) 12.5% interest in
the highly prospective Cooper Basin exploration and production licences;
86, 87, 89, 104, 111 and 115.
Importantly, the acquisition will significantly boost Impress's
present interest in the specified licences from 27.5% to 40%.
The licence area totals 16,850 square kilometres and features
the recent Mirage and Ventura oil discoveries situated on PEL 115, which
presently produce a combined 300-350 barrels of oil per day.
This is expected to rise to 400-450 barrels per day when
Mirage is placed on pump later this month.
Impress will pay Entek $1.5 million in cash, allocate 35 million
Impress ordinary shares to Entek and issue Entek with 5 million options
exercisable into ordinary shares at 8 cents for a period of two years.