Impress finished strongly today with the entire 7c sell being...

Impress finished strongly today with the entire 7c sell being taken out on close. This has left the market at 7c buy and 8c sell. Should be interesting tomorrow.

Announcement came out at about 4pm and shows a very good drilling program ahead. This all augurs well for ITC and the other JV partners.

Here's the announcement:

Impress to start Cooper Basin drilling next month
16:06, Thursday, 15 July 2004

Sydney - Thursday - July 15: (RWE) - Impress Ventures Ltd, in its quarterly report for the period ended June 30, today said it had a 15 per cent working interest in six blocks in the Cooper-Eromanga Basin of South Australia.

A minimum five well drilling program is expected to commence with two wells in PEL 115 in August.

The six-well program is expected to be completed by the end of the year.

Directors said there had been some delay in starting the program due to the lateness of seismic recording and processing, as well as unseasonal rains.

Drilling is expected to commence with the Hornet prospect, a robust 3D controlled feature in the centre of PEL 115, 8km northeast of the 1 trillion cubic feet Toolachee gasfield.

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 is expected to be Ventura, a large four-way closed feature to the southwest of the Narcoonowie oil field.

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.

Impress shares fell 0.1c to 6.9c today.

Cheers

Badfish