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mopom,

You're starting to sound like Sabre talking about GIP. Just relax a little. There is still somewhere between 2 and 6 weeks before the first Cooper Basin well spuds so it is highly likely that the price of all the JV partners will fluctuate in this time.

Add to that the Entek and Merlin floats (both of whom are involved in the VPE owned PELS that ITC is playing in), and you have a recipe for some major re-shuffling of the money that is in these JV's.

Besides, your heading is a little misleading in that ITC opened up 0.1c at 7.3, briefly touched 7.4 and is now back at friday's close of 7.2. Of the 1m shares traded today, 94k have been at 7.2, 756k at 7.3 and 150k at 7.4. Hardly, what I would call an indicator of a share that is about to drop 20%.

If ITC is going back to 6c then I reckon it will still take a few days/weeks and will more likely be the result of people getting out of it in order to get into one of the other JV partners. Even if that happens, I plan to hold mine for the drill results because I believe this is still some of the better dirt available in the Cooper.

Cheers

Badfish