positive outlook

Hi Everyone,

I sent Eddy Buckovic an e-mail yesterday enquiring about Impress' current progress. I was concerned that the only positive news we've received is that Eddie Smith has purcahsed 2million shares over the past 2 months.

In his detailed and prompt reply these were his main points:

1. Wilpinnie 4 is awaiting production testing, which involves perforating the interpreted oil zone (approximated at 18m), running production tubing in the hole and doing a clean-up flow. As part of the farmin agreement this lies in the hands of Santos but has to be completed before June 207. Eddy remains hopeful that results of testing combined with what they already know might "bring forward the production testing and putting the well on production".

2. They are also preparing a drilling proposal for a follow-up well to Wilpinnie 4 and are aiming to spud the well in Q2.

3. Drilling on the Western margin has been delayed because of rain. However, roads are now being assessed for damage and repair, as the rain has stopped. By the end of March Impress will be able to get back to drilling with Wirraway 1, Growler 2 and Warhawk 1 on the immediate program. They also intend to re-test Growler 1 in mid-March.

4. They are reviewing both Mirage and Ventura with an eye to see where performance can be improved.

Eddy also highlighted the fact that reviewing Mirage and Ventura is important because "until we can pay our way via oil production and cash flow to fund development, exploration and new ventures, we are just kidding ourselves".

That is all peoples. I hope this helps.

Good things to come from ITC up to June 2007.