oil price, page-5

Agree with your thoughts Ketelone.
ITC is a good story.
The probs I see is the operator
1.just does not get things completed expediously.
2. Is now acting very conservatively which does not help
the immediate cash flow.
3. We have a seller, perhaps Persal & co who did not compete in the 3cents rights issue:.. that has a broker prepared to sell at market in some volume. 500k last night.
Perhaps other with stop losses in place.

The operator has had a problem with the Snatcher 2 site.
More time, more cost because of the ground stability.
Was it VPE's fault for choice of site? I do not know.
The JV has a potiential of many new drill targets and 3 dimension sesmic report should be available from the processing team in August.
And Finally ITC has a good area of acreage in the Cooper Basin . I read recently there is little or no acreage in the Cooper that is not taken up in this hotspot of oil exploration. ITC fundamentals get better week by week. 247