Impress Energy (ITC)

Shares / Stock Code

ITC

Stock Exchange / Sharemarket

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Impress Energy (ITC) is a focused oil producer and explorer with acreage in the Cooper Basin (40% interest) of South Australia and the Taranaki Basin of New Zealand. It currently has six joint venture drilling and exploration projects in operation. Impress Energy was first listed on the Australian Stock Exchange on 6 October, 1993. Its head office is located in West Perth.

As of June 30, 2009, it had oil interests in Cooper Basin in South Australia. Impress has a 40% interest in four exploration permits (PEL 87, PEL 104, PEL 111 and PEL 424), one petroleum retention license PRL 15 and two production licenses (PPL 213 and PPL 214). PEL 111 is located on the Western Margin of the Cooper Basin and covers 1,174 square kilometers. PEL 104 covers 519 square kilometers and is located on the Western Margin of the Cooper Basin.

Impress Energy's permits cover approximately 2,500 square kilometers of Cooper and Eromanga Basins. Its subsidiaries include Springfield Oil and Gas Pty Ltd, and Impress (Cooper Basin) Pty Ltd. During the fiscal year ended June 30, 2009, the Company Growler-3 had produced over 140,000 barrels of oil.

The Mirage 1 well, of which ITC has a 40% interest, is expected to have recoverable reserves of approximately 250, 000 barrels to be produced over a 12 year life.

Major competitors of Impress include other oil and gas exploration companies that operate within Australia, and throughout the rest of the world, such as Santos, and BHP. Most oil is sold into global spot markets, whilst gas is typically sold under long-term contract arrangements with utilities, large industrial users and steel plants.