Impress will have no further commitments with respect to PEL 115, except to meet all its obligations with respect to the permit incurred prior to the effective date of withdrawal. These obligations include final abandonment and land restoration works associated with previously drilled wells Jindivik-1, Lightning-1, Hornet-1 and Wilpinnie-4.
The withdrawal from PEL 115 will not affect Impressís 40% interest in the Mirage and Ventura Fields Production Licenses PPL 213 and PPL 214, where development-drilling opportunities have been identified.
Commenting on the withdrawal from the Joint Venture, Impress Chairman Eddie Smith stated:
"Following a review of current assets and comparing those to potential future opportunities, we found the remaining prospectivity of the PEL 115, including the five permit commitment wells requirement to be drilled in 2008 did not fit with our risk reward profile.
The decision to withdraw greatly reduces the Companyís funding exposure, and will enable Impress not only to seek other opportunities, but also to concentrate its resources on the further exploration, appraisal and development of the Jurassic oil fields in our western margin permits PEL 104 and PEL 111.
In this regard, the Operator advises the extended production test (EPT) of the Growler Field is on schedule for commencement in December 2007. It is expected that the EPT will initially produce at a rate of 300 BOPD from two wells. Once the EPT confirms the Joint Ventureís studies, it is intended a Growler development program will immediately begin in 2008, with the view of increasing production to a more meaningful figure".
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