monark. I feel I've responded to your question above. Put another way, I'm in ITC on the presumption of consolidation before first quarter 2011 (and v likely sooner) and hopefully a leveraged entry into a combined permit holding entity, which would offer greater exposure to the drilling next quarter (wow - 30 odd drills to complete and great strike rates to date!! this will fire up things further and with production facilities in place add big cash-flow immediately).
The values bandied about, the 1:3 to 4 plus cash, 10c minimum etc, reflect the likely cost to a suitor (maybe VPE / Senex) to take up ITC now - pre drill excitement / price lift. TA is signaling interest right now. From what quarter? I don't know for sure. But I'd rather be in than out right now, all things considered.
Cheers.
ITC Price at posting:
5.5¢ Sentiment: Buy Disclosure: Held
