Currently at 4.9c we have MC of 27 mill (550 mill shares)With...

Currently at 4.9c we have MC of 27 mill (550 mill shares)

With todays news revenues at 2200 bopd from G1-4 assuming G4 will flow similarly and banking on average 2000 bopd from the 2 new wells plus 100 from Mirage gives 2300 bopd with our share at 40% = 920 bopd @ $110 AUD = $37 mill in revenues.

I would also expect that reserves may be upgraded say to 3 million recoverable which gives us about 1.2 mill reserves plus a little from Mirage.

From a takeover perspective $30 per barrel is generally used being $36 million which is 6.5c per share alone.

This does not take into account revenues above and the other fields and their worth and the unexplored area. If Warhawk comes in then we are in for a big ride.

My point is even without success ITC are set to make their maiden profit this financial year. Cash flow seeminlgy soon will be enough to not warrant any raising unless needed to develop much bigger facilities. Hopefully the recent money made available will be enough for this given that revenues will start hopefully in 4-6 weeks.

Their current sp is well under what it should be given this sudden boost.

Corporate appeal will be high as I see ITC as a soft target. I expect that a MC of closer 80 million is very achievable without Warhawk which is 14.5c. With the consolidation around the area going on it would be hard to see ITC miss out. RPM are just about gone to QGC and VPE is already on the radar to QGC as well. I know that QGC is more interested in the CSG assets I think but this may change the goal posts a little. BOW were also interested in the CSG assets of RPM but have pulled out. They may be interested as they have oil assets as well. The mind ponders. I think the ants nest has been unsettled today.