Well ...we had another successful No.4 Nat Gas Well, announced...

Well ...we had another successful No.4 Nat Gas Well, announced today ...4th one in a row. Gas flows excellent along the drill stem, so the report reads.

Now the 5th Well is spudded in today Monday 16 June. So, we might even hear news about that one late this Friday or early next week.

Seems to be some people taking a profit or balancing their tax books to the lead up to 30 June at the moment ...with the share price into .2 and then in low volume slide into .018.

Weather is partly rainy, at Carrolltown at the moment and with cool summer weather, so that should make for pleasant drilling for the crew over the next few days.

Yes, it is probably only a matter of time before the Management puts it to the shareholders that the time is ripe for sensibly rationalising the shares issued to 1:10.

This would make for 164,000,000 instead of the current 1,640,000,000. I agree with you Roosterman, that now would be a good time to do that, to provide a sound foundation ...when they have a very good financial foundation right now.

With the cash injection from the $14mil sale of BMX shares the company will pay back their $4mil loan on those shares ...leaving around $10mil clear.

Then there is the benefit of the $100mil line of credit with Macquarie Bank, which makes it nice and smooth for funding these current successful wells.

I sent another email to IMP today asking for clarification about the gas flow rates and profitability from these current successful 4 wells (with 14 to go in this current drilling program).

Also Roosterman, I asked about the possibility of the 1:10 rationalisation ...to see what the current thinking is, from when you last spoke to them.

The interesting wild card and icing on the cake would be to hear of the locking in of a good acquisition ...like they did not so long ago ...acquiring a good drilling rig and 130+ commercial wells at bargain prices.