I've been a holder of these from about 2c and am pretty happy with their recent performance.
Their history is pretty checkered, a miner turned dot com bunny (failed) turned back into a miner. On the plus side, the current Executive Chairman has a reasonably solid mining history and in my opinion has a pretty good strategy for increasing the value of the company. He is concentrating on building up a core of good oil lease prospects, with the aim (again in my opinion) of making the company an attractive takeover prospect. He has successfully achieved this in the past.
The current crop of farmins in the Cooper Basin has added a lot of "potential" to the company and if recognised, might indeed result in some sort of takeover action (even at current share price the market cap is under $7m).
The risk of course is that nothing happens on the takeover front and the exploration turns sour and you end up in what I call the VPE death spiral - endless share issues just to pay salaries and not much in the way of likely return to shareholders.
Good luck with these.
Cheers
Badfish
ITC Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
