Ann: Placement, development programme and reserve, page-26

re: Ann: VPE: Placement, development programm... Gotta, thanks for your thoughts,
I flew back into QLD last night from Akl..NZ where we have been cruising the coast for the last while.
Yes I still hold a significant No of shares in ITC but not as many as Tui.
A few thoughts for you all to ponder.

1....In NZ several areas are in drought conditions.
In Auss we have la-nino conditions with the southern osculation indicating we are in for a wetter season than normal.
In Northern QLD where I live it is at the moment p....in down and creeks and rivers are in flood.
The point I am making is usually in the last 6 years June to late November we expect little rain and high sunshine hours. This year is different. We are not sailing to Fiji now until next season mostly because of high risk of greater cyclonic activity.
In March 2010 we had the first Cat2 cyclone in this area North Qld..for some time. That contributed to the cooper continued flooding.
The forecasts for cyclonic conditions in the yacht cruising world for the south pacific is wet cnditions and a higher than normal expected risks from cyclones.
2....
Many of us in the pass have said when Sir Eddie calls the shot then we will follow... Sir Eddie has called the shot but with a proviso.. that for a fee of $720,000 ODD THEN HE MAY RECONSIDER..

3....IF VPE offered anything it would be mostly script. They simply do not have enough spare cash to play with.
They could simply offer a one for three script offer and I would expect Beach will then offer a small script offer to match or better it. VPE get's to pocket a additional substantial benefit from the 10% holding by accepting BPT revised offer.
4.. The Risks are mainly the weather and dilution of Impress shares if they had to further fund a pipeline and on going extensive drilling,
Eddie knows all this and he has decided to call the market to see who will stump up.
I agree with Tui... the fat lady has not stopped singing yet. There is great interest in the market at 7.9 and 8cents. I would sell at 8cents and not wait for the beach offer except...!!!!!!!
5...WE are likely to get a substantial increase in the offer from say Santo's, Cooper or Vpe and the sooner the better. That outlook for further flooding is the bloody problem. I think Eddie has done a good job of making a call now.
I would sooner accept 8cents and buy Bpt shares for the long term benefit. Beach has not had any capital raisings for some time and they continue to add to there cash in the bank. I hold Bpt also for long term. Gutted Squid also has seen activity with Bpt buying a stake in Sea..
My summary is..

Except for the likely chance of continuing delays to the drill programe because of WET WEATHER in the Cooper in the short term I consider the offer is unrealistic and opportunistic.
SiR Eddie has not sold us share holders out and has made a very good call.
For traders take your 7.9cents or 8 cents and move on.
For those who love Impress, are gamblers, or want to realise a fairer share of the long term value of Impress Energy
... hang in there as Sir Eddie has underpinned the market value of Impress at 7.9cents or 8.25 cents as a guaranteed option of what you will get for the next 5 months with a good possibility of a premium of 20 to 30% increase in the share value.
Congratulations Sir Eddie A very good move to test the market
All the best to all, but unfortunately a wet Xmas for many I believe.. 247