18/01/2006 - 10:24

Impress raises $2m for drilling program

18/01/2006 - 10:24

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Perth-based oil junior Impress Ventures Ltd has raised approximately $2 million to fund Impress' share of its Cooper Basin drilling program in South Australia.

Impress raises $2m for drilling program

Perth-based oil junior Impress Ventures Ltd has raised approximately $2 million to fund Impress' share of its Cooper Basin drilling program in South Australia.

The placement was of 36.3 million shares at 6 cents per share.

Following payments associated with the completion of the purchase of a further 12.5 per cent interest in permits PEL 86, 87, 89, 104, 111 and 115, (to make a total of 40 per cent working interest), Impress will have approximately $4 million to fund its share of the drilling program.

The program is expected to commence on 24th January with the drilling of the Mirage 2 well in the Cooper Basin.

Costs associated with the first five wells in the program, including Mirage 1, 2 and 3 will be approximately $3.5 million.

Impress expects that positive results of the drilling program may lead to a further two development locations being drilled at Mirage for a cost to Impress of approximately $1.4 million.

 

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