The money will be used primarily to fund the an exploration program in the South Australian Cooper Basin.

In May, September and November of 2003 Impress acquired a 15% interest in six exploration permits located onshore South Australia, PEL 104, PEL 111, 115, 86, 87 and 89.

Over the next 12-18 months the exploration activity in the six permits will include, the drilling of six wells (2 in PEL 104, 1 in PEL 111 and 3 in PEL 115);??he recording of 400km of new seismic; and the reprocessing, re-interpretation and review of over 1,000km of seismic.

The recording of the Andracurie seismic survey over permits PEL 104 and PEL 111 is expected to commence in late January 2004 with line clearing and uphole drilling to commence in mid January.

It is anticipated that the reprocessing and interpretation of new seismic will allow drilling to commence early in the second quarter of 2004.