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
ITC Price at posting:
5.3¢ Sentiment: Buy Disclosure: Held
