Ann: Placement, development programme and reserve, page-12

re: Ann: VPE: Placement, development programm... well the VPE ann reaffirms that the cpa raising VPE undertook isnt for a crack at ITC. with 17 million of a total of 59 for CSg exloration, 10-15 million for CB exploration, 2-3 million operating costs , leaves little left over for ITC bid unless its a scripr bid. My guess is ther may be no higher bid. Even if there is BPT can always walk away with a profit as they did with DLS.

This ia a good use of their cash surplus. IF ITC have approx 2 million in reserves ( 2 and 3) then thy are paying $36, for current oil, future oil, and gas for the shale gas project

I think that despite the fact that management arent doing a good job, I think they are and are being very strategic with a quick and large Grab for CB acreage that will deliver both high margin oil and futue gas