imp 4th well success. news of 5th well due, page-19

Hello Tester23,

Good questions Tester23.

To help you out with that information, i suggest you go to the following ASX IMP company announcements:

Chairman's 30/11/2007 Powerpoint short slide show has some succinct Reserves details

http://www.asx.com.au/asx/statistics/announcementSearch.do?method=searchByCode&issuerCode=IMP&timeFrameSearchType=Y&year=2007

Half Yearly Report of 14/3/08 has more 1P and 2P details

http://www.asx.com.au/asx/statistics/announcementSearch.do?method=searchByCode&issuerCode=imp&timeFrameSearchType=Y&year=2008

From the Chairman's presentation it appears that as of 30/11/2007 the cost per well was around $200,000 due to employing outside contractors. From what i understand that cost in the current 18 well programme has been reduced significantly, due to IMP operating its own rig, via its subsidiary Empire Energy.

Existing Production in Nov 2007 was at 620Mcf per day.

Carrolltown has 20 IMP producing wells (now the current new 4 will be connected within the next month ...and with a probable 14 more to be connected within the next 6 months).

Carrolltown with 20 wells only at Nov 2007 had proved reserves of 3.7Bcf calculating into an NPV10 = $US7.6Mil.

Empire Energy (100% owned by IMP)for USA operations purposes has 134 wells in Nov 2007 with proved reserves of 3.4Bcf worth NPV10 = $US20Mil. It also has +50 proved-undeveloped locations for wells with undeveloped reserves of 7.0Bcf.

The half yearly report dated 14/3/2008 gives even better up to date figures.

60% of all wells have been hedged at around $8 per Mcf (ie; 1000 cubic feet). That means 40% PLUS these new 18 wells can have their gas sold at current spot prices in excess of $13+ per Mcf ...and predicted to rise above $15+ even in this summertime ...before the chill winter prices send it rocketing even higher.

Warm regards,
Mr Muzz