Impress told the market yesterday it had decided against renewing the joint venture contract, which was first established in October 2003.

But before the company wipes its hands completely, Impress is committed to helping with the final abandonment and land restoration works at the previously drilled wells Jindivik-1, Lightning-1, Hornet-1 and Wilpinnie-4.

The withdrawal from PEL 115 will not affect Impress’s 40% interest in the Mirage and Ventura fields production licenses PPL 213 and PPL 214, where further development drilling opportunities have been identified.

Impress chairman Eddie Smith said the decision would greatly reduce the company’s funding exposure, allowing the company to seek other opportunities and concentrate on its western margin permits PEL 104 and PEL 111.

“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,” he said.

Impress held a 40% stake in the permit, with VicPet as operator having 40% and Roma with 20%.