Hi Ian,My reading of the Cooper basin announcement shows ITC...

Hi Ian,

My reading of the Cooper basin announcement shows ITC fully contributing to drilling costs.

IMPRESS VENTURES LIMITED 2003-05-01 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
Impress' wholly owned subsidiary, Springfield Oil and Gas Limited,
has entered into a farmin agreement with Victoria Petroleum NL on the
onshore Cooper Basin permit PEL 104.

PEL 104 covers 1,069 square kms and is located immediately adjacent
to the Tirrawarra Oil field, Australia's largest onshore oil field
with estimated reserves of 70 million bbls and 340 billion cubic feet
of gas. Also adjacent is the Fly Lake Oil and Gas field and the
permit surrounds the Callabona oil discovery. In August 2002 the
Sellicks 1 well located 30 kms south of PEL 104 flowed 2,160 barrels
of oil per day.

Impress considers the permit is highly prospective for both gas and
oil in both the Permian and Jurassic sequences that are highly
productive in the Cooper/Eromanga Basin.

Impress' initial study of the Block has outlined in excess of ten
prospects and leads that are anticipated to require only further
minor evaluation to become drillable.

The initial proposed work program over the coming twelve to fifteen
months will be to reprocess 1350 kms of existing seismic data, record
150 kms of seismic followed by the drilling of two wells.

Under the terms of the Agreement Springfield will contribute 25% of
the initial work program to earn a 12.5% interest in PEL 104. The
estimated cost of the program is A$4.2 million. After the initial
program Springfield will contribute to further exploration at its
working interest rate (12.5%).

Impress is pleased to be involved in exploring this highly
prospective block and will follow with interest the current drilling
program in the South Australian Cooper Basin of up to 10 wells by
Beach Petroleum Limited, Cooper Energy NL and Stuart Petroleum
Limited. Any success in this drilling program will upgrade the
prospectivity and focus attention on any adjacent areas such as PEL
104.

Impress expects the exploration program to commence with seismic
recording in the second half of 2003.

For further information, please contact Douglas Jendry, Executive
Chairman on (08) 9214 2500.