and some more sir eddie, page-9

Hi El and all

Just seen your question so sorry for the delay answer.

I am not an expert on the Cooper but it appear to me that ITC have proven

1, Oil has migrated into the Western fairway and it is commercially producible.

2, Current 2D seismic has depth conversion problems hence poorly sited well (easy to say in hindsight).

3, Also 2D seismic is unable to discern the thin channel sand which are the key to high flow rates.

4, Drilling any well onshore is too expensive with the current rig fleet being just junk iron (90%+), they need to look at slim hole methods.

So how is ITC planning to solve these problems?

Acquire 3D seismic using the cash flow from the current production.

Concern is that the 3D seismic might answer point 2 above but not point 3.

As for point 4, tell Eddy to speak to Boart Longyear Benton Wallace to find out about other companies about to use slim hole drilling for oil onshore Australia.

cheers

PC43