re: oil discoveries and production ITC have turned on themselves. graham is just making a reasonable observation.
They started the Cooper Basin drilling program with gross production of 400 bpd (net 160 to ITC) and were aiming to make it 1000 bpd. (net 400 to ITC)
After all the drilling they have not even kept up with their original production figures and they have many more issued shares.
A realistic valuation is now right back where they started, (about 5 cents) if that.
Despite discoveries, they seem to be unable to bring them into production and they look like a bunch of amateurs.
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