COMPANY OVERVIEW

 

 

Impress Energy Limited (ASX Code: ITC) is an oil and gas exploration and production company with interests in the Cooper Basin South Australia.  The company has 40% equity in four exploration permits and two production licenses.

 

Success on PPL 213 & PPL 214 in 2004 in the eastern region gave Impress its initial production from the Mirage and Ventura Fields.

 

With the resolution of seismic reprocessing problems in 2006/2007, attention was focused on the Wester Margin Jurassic plays in PEL 104 and PEL 111, with rewards at Growler and Wirraway.

 

The Cooper Basin Joint Venture gave approval for a Growler Extended Production Test (EPT) in August 2007.

 

The Growler EPT project began production in March 2008 and if successful the JV will proceed into a full Growler development and ultimately, full appraisal and development of the Growler – Wirraway Oilfield.

 

In the development planning Impress have only assumed Birkhead reservoirs similar to those at Growler-1, Growler-2 and Wirraway-1.  These wells will produce on pump at a rate of 100 to 200 barrels of oil per day (BOPD) per well.  However, Impress believes it is likely to hit not only the Birkhead, but also a Hutton, Namur, Mckinlay, Mid Namur, Poolawanna, or reasonable Murta reservoir in the future wells in the development of the Growler-Wirraway oilfield province.

 

At this time Impress are planning the development on the assumption that oil will only be produced from the Birkhead reservoirs.  However, production of other companies from fields such as Callawonga, which are on the trend with the Impress permits have shown it is possible to achieve a 1000 BOPD to 2000 BOPD well in the Western Jurassic “Oil Fairway”.

 

Impress also believes that, once the wet weather curse can be beaten, where lost time occurred in the first half of 2006 and again with the recent flooding, that with the Growler Oilfield we will be joining the ranks of other successful Western Jurassic Oil Fairway producers at fields such as Christies, Callawonga and Parsons. 

 

Because of the encouraging signs from the early work on Growler and Wirraway oilfields, although Impress can appreciate the market’s reluctance towards a company with only one area of activity, Impress believes that its future growth depends on the quality of the assets a company is attempting to develop.  Impress for quite some time have put a lot of faith in the Western Jurassic Oil Fairway plays, but for quite some years have been limited by the quality of the seismic reprocessing that had been done up to 2004.  Now that this questionable seismic reprocessing has again been reworked there is a new level of comfort for exploration/development to proceed.

 

Impress believe they have the ownership of a very exciting portfolio of Jurassic prospects which by the mid point of this year will be recognised as the start of the growth of the company.  Though this has been a long time coming for the ex-mining, also ex-Doc.Com, now oil and gas company, Eddie Smith, Impress’ Chairman believes the Impress shareholders patience will be rewarded with not only oil in the tank but money in the bank.

 

Impress will continue to explore its current portfolio with the aim of minimising risk and maximising return.  Opportunities outside of the Cooper Basin will be assessed and pursued if they offer value to the Company.