Over it. I'm firmly of the opinion the the transponder has died as
aussiblue mentioned earlier and there is no way around this problem unless the key is re-programmed as I only have one key with no remote(keypad). The immobilizer symbol is flashing repeatedly after turning it to the on/acc position, as described under 15-8-27 of the manual and needs to be re-programmed.
Under 15-8-28 (Invalid or Faulty Keys) clause 12, I tried to restart the ute 3 times and now there is no ignition whatsoever. The immobilizer symbol continues to flash repeatedly.