fundamentals of itc, page-2

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I agree with some of what you say.

Eddie has been important to the company this year but we were never in trouble without him. Just would have meant more dilution at lower prices which is not good but not the endof the world. You are correct in saying that Eddie didn't want the rights issue so low but so would every company be saying that. If Snatcher wasn;t to be drilled there wouldn't have been a raising.

Your production figures are too high. They are expecting 1500 bopd. The high side would be 1800bopd which is unlikely.

The delays although never good I think have worked for the best. The oil price has strengthened and instead of getting $65aud per barrel we are going to get $90aud per barrel well at least for the moment.

The Snatcher flow rates I agree with.

Having said that I agree we are a re target and that will materialise soon.