drilling report, page-3

More oil at 340 BPD at a different depth to the previous logs which showed 2 bpd and 44 bpd.

Take a stab at potential cash flows - US $50 COP equates to $80Au BPD

Gross pre cost is 80 X 386bpd X 365 days = $11,271,200 aussie.

Now VPE has 40% thats $ 4,508,480 or double its existing cashflow an the same as is being spent on 15 new wells in this round of exploration.

add this to the SPP which should be fully subscribed by all holders due to a 0.01 premium and VPE begins to look VERY attractive.

Ian_witchurch may she some further light on this - i have a rough idea that the costs for pumping are low ?

But as this is well #1 of the 15 planen for the Cooper it is excellent news.

Now all we need is the companys next agm to include a 50 - 1 share consolidation.

Singas

( this post is my opinion only - please seek professional advice and read the red - I hold VPE)