drilling august- not long now

I can see why they didn't rush into an announcement.

All things come to those who wait. Just another two months if no more delays.

Here it is.

June 2004
Cooper Basin Drilling Schedule / Minimum Five Well Program to
Commence in August

Impress Ventures Ltd (ITC) is pleased to announce that the drilling schedule for the
PEL115/104/111 Cooper Basin Joint Venture is being finalized. The drilling program
is expected to commence in permit PEL 115 in August.

The delay in commencing the
program is the result of delays in seismic acquisition due to the unseasonal rains in the
basin and finalizing the location of the prospects.

Impress is concerned about the
delays but has been reassured by the Operator that all is now on track and that a
drilling rig is in the final stages of being contracted and its schedule finalized. The
extra work required on the prospects we believe has been necessary to determine the
proper drill locations.

Considering that there have now been 12 oil and/or gas
discoveries over the last two years in the ex-Santos permits, for an exceptionally high
exploration success rate of 43%, Impress is confident that the exploration program
will yield discoveries.

Two wells (minimum) in PEL 115

Drilling is expected to commence in mid-late August with the Hornet prospect, a
robust 3D controlled feature in the center of the permit 8 kms to the north east of the
giant 1 trillion cubic feet Toolachee gas field. Hornet has significant upside gas
reserves potential if the stratigraphic component of the target Permian Patchawarra
Formation traps hydrocarbons. The upside recoverable gas potential is in excess of 25
BCF of gas while the four way closure has potential for 11 BCF.

The next well in the PEL 115 program will be Ventura, a large four way closed
feature to the south west of the Narcoonowie oil field. The primary objective is oil in
the Jurassic and gas in the Permian section with the prospect having the potential to
hold recoverable reserves of up to 9 million bbls of oil and 58 BCF of gas in the
Permian section.
Depending on the results of Ventura there are several follow up prospects with a
similar geological signature that could be drilled and it is expected that a decision
would be made quickly if Ventura is successful.

Three wells in PEL104/111

In the two northern permits, PEL 104 and PEL 111, drilling is expected to commence
in PEL 111 in October with the Catalina prospect located approximately 8 kilometres
north east of the Fly Lake oil and gas field. Catalina is a low risk closed feature with
potential in the Permian section to contain recoverable reserves of 25 BCF of gas and
4 million bbls of oil. Its proximity to the producing Fly Lake oil and gas field
enhances the features prospectivity.
In PEL 104 the first well is expected to be Spectre, an updip test of the Spectre 1 well
which flowed gas from the Patchawarra Formation and had good oil shows from the
Tirrawarra section. The feature is a low risk test of the Permian section with the
potential to hold recoverable reserves of up to 15 BCF of gas and 2 million bbls of
liquids.

The final well in PEL 104 is expected to be Wirraway, a prospect delineated by the
recent seismic survey. It is located updip and to the west of the Callabonna well which
recovered oil from the Jurassic section. Wirraway is a large prospect with the ability
to hold recoverable reserves of up to 13 million bbls of oil.

Evaluation work is ongoing on all the above prospects with some seismic recording
and reprocessing still to take place. This work is needed to fine tune the features such
that the most optimum drill location is chosen. In all the above cases the oil and/or gas
reserves mentioned are only valid if hydrocarbons are present in the structures.

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