Extract from RM research on ITC from Jan 25 2006,before the...

Extract from RM research on ITC from Jan 25 2006,
before the current drill program started.



• High impact oil prospects identified in PEL 111/104 have the potential to
lead to a major re-rating of the company in 2006.


• RMR consider the current valuation of A$0.087 to be conservative and
believe a short term target of +A$0.10 and an 18 month target of A$0.26
is achievable.



cheers.