Ann: Acquisition Update and Drilling Program , page-2

Wow, what a story.

Most penny dreadfuls would die to be able to drill at will out of cashflow.

They are going to drill 6 wells, but will drill more if the gas oil/price starts to run!!. Enables them to leverage off rising prices to offset the impact of being 70% hedged.

looks like they are going to basically get rid of all the employees from the recent acquistion, so big synergies being acheived.

We already knew it but macquarie has increased its loan facility to $150m, so those guys at the top of the capital structure are clearly comfortable to have more exposure to IMP. BUT Just bizarre how no one wants to hold the equity!!!.

Buy them below 15 cents while you still can.IMVHO


GL