you regulars probley know this stuff backwards, PEL 182:"PEL-182...

you regulars probley know this stuff backwards,

PEL 182:

"PEL-182 encompasses 1,750 km2 of prospective acreage on the western margin of the Cooper Basin.

The block is believed to contain an extension of the prospective oil play being successfully explored and developed by companies such as Beach Energy, Victoria Petroleum, Drillsearch, Impress Energy, Cooper Energy and Stuart Petroleum.

Oil sourced from the Permian Cooper Basin is expelled along the margins and trapped in the overlying Eromanga basin reservoirs.
Recently, the application of 3D seismic to exploration along the trend has resulted in better definition of drilling targets, with improved drilling success rates resulting in a number of oil discoveries."

Source:http://www.innapet.com.au/upload/r20100601%20Acquisition%20of%20Interest%20in%20PEL-182%20-%20Western%20Margin%20of%20Cooper%20Basin_1Jun2010.pdf

Of HIGH interest I also found that:

Drillsearch (DLS.ASX)

and

Innamincka (INP)

have very recently announced a merger AND DLS paid an an 80% premium for INP (to get their % of PEL 182 - linked to the tail of ITC / VPE interests):

"Australia-listed Drillsearch Energy and Innamincka Petroleum have agreed to a friendly merger to create a mid-tier oil and gas company with key assets in the onshore Cooper basin" - dated 8 September 2010.

Source: http://www.upstreamonline.com/live/article228724.ece

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Also more on their (DLS / INP) hook up here:

http://www.abnnewswire.net/press/en/63673/

Some interesting possibilities and larger game plays?

Question: Are DLS behind the Zero Nominees?

ITC may have two suitors. If so, could be a very interesting fight next between VPE and DLS for ITC's 40% oil interests...watch that OBV : )