About time for a what if and that is exactly the subject. Fact ..A while back 2001 to 02 Vpe drilled in the USA with a directional drill. Bad country and finally left it in the hole. The well was never completed as a producer to my knowledge. What if the J/V drilled the targets in Snatcher and Growler in the manner Arq and Origin did with Century rigs and others in the Houvea Field. Arq came from a 9 cent share to a $1 plus in a short time frame...But they got cash flow and returns coming in . At the moment for many ITC is still cash strapped with more fund being spent at the drill bit than received in receipt of sales. That will change when they get the Growler Field Facilities finally upgraded. The current Century rig 3 is a 800 hp rig that can do directional drilling. They have in the pass. I think it may be hired at about $40,000 a day plus other usables and expenses. I stand to be corrected. Century 3 is being used to complete Snatcher 1 . ARQ Energy drilled Houvea initially as a direct drill then in subsequent wells they drilled side tracks as in directional drilling. The Houvea from memory came in at 5000 BOPD. They quickly assembled production tanks and had a cash flow in a short time.What if . But apparently the J/V can not agree to the use of directional drilling. They have discussed it for the Growler field. But no agreement. Thats the info I have received. As for ITC Share price. Its a pretty good consolidation stock at 5.7 to 6 cents. When the breakers roll and production flows then you will see those who want a 10 cent value or greater attached to there shares. Have a good one and wait. 247 I am just a investor and a sometimes trader. Info here is what is available on the webb, via a couple of ph. calls and in ASX announcements in the pass.
ITC Price at posting:
6.0¢ Sentiment: ST Buy Disclosure: Held
