ITC has a very interesting piece of real estate, soon to be very sought after. By year end ITC will easily reach their target of 2000 BOPD (ITC stake 40%) with alot of thanks owed to Snatcher 1 & Snatcher 2. Which now are believed to be able to produce at rates of up to 400 BOPD on pump respectively commencing in October. Alot of upside still not factored into the share price yet. IMHO. An $80 million market cap would equate to 10 cents per share. By no means unrealistic. ITC with their JV partners have a very big land holding smack bank in the middle of all the bigger players. Production levels from ITC JV, Beach and Santos operated fields are expected to be in total of over 6000 BOPD by year end 2009. This equates to and impresive 33% of the total production in the area for the ITC JV. With such a large land holding there are many areas still to be explored. 3D seismic results will be very interesting indeed and will also no doubt provide for a whole lot further new targets. The ability now to self fund further exploration is also very appealing to investors. Reminds me of a very similar company in its early days (CVN). Go ITC GO GO GO.
ITC Price at posting:
5.7¢ Sentiment: Buy Disclosure: Held
