During the quarter and in early January Impress placed a total of 74,225,000 fully paid shares to raise a total of $2,884,500, which has left the company with approximately $4.3 million in cash.

So with a full kitty and considering the success of other Australian juniors in the Cooper Basin Impress and its joint venture partners intend to drill five wells in permits PEL 104 (2 wells), PEL 111 (1 well) and PEL115 (2wells) in early 2004.

The timing of the wells will be governed by the recording and subsequent interpretation of the Andracurie seismic survey in PEL 104 and 111 as well as by the availability of rigs.

It is expected that drilling will commence some time in the second quarter of 2004 with hopefully an April time slot for the first well.

Impress also considers that comments by the Yarrow/Flax (Innamincka) operator that it is considering building a new gas plant has added a further interesting dimension to what is without doubt going to be a busy exploration year for all Cooper Basin explorers.