Agree this is getting too personal. I like fundamental analysis...

Agree this is getting too personal. I like fundamental analysis as the basis for my trading. No-one has yet told me what I may have calculated incorrectly. I look forward to a constructive response rather than name calling on both sides of this debate.

Wilson, I make the following comments on other analysis which has been posted:

1. Open flow rates drop off quickly. Look at the source I posted or others available on the web - this is just a fact. Quantifying the exact rates is difficult, but I am happy to rely on Chesapeake's estimates, one of the largest gas producers and drillers in the US, including in the area in which IMP is operating.

2. If you thought open flow rates of 1000mcf/day were sustainable, how do you reconcile IMP's own estimate of recoverable reserves per well?

3. You do need to take into account operating costs, whatever they are, even if IMP is not the operator - share in net revenue is exactly that ie after costs. They don't pay the costs because they are not operator, but they don't get a share of gross revenue either.

4. You need to take into account the interest payments on the capital cost to fund the wells, or dilute for new share issues

5. I believe IMP will get an appropriate risk return on its capital, but not the silly numbers be speculated here. It is a very mature Basin with 1000's of wells drilled per year - why would IMP be able to get returns that no-one else could. This is not unique land, a new mineral find etc - this is a well established operating basin in which many others operate.

Just my opinion and last post on IMP unless there is something new to consider.

Monty