Ann: Project Updates , page-24

Damn, i was hoping for a bit of breathing space in the Ann.

Something solid that would pick sentiment up a bit.

Its good they have at least given an approx date on things now. I was well and truly over the open endedness of "Still interpreting data".

At least now its:

Geological and geophysical (G&G)re-interpretation will provide more accurate depth maps and fault definition and determination of hydrocarbon traps, structure volumetrics and hydrocarbon reserves to ultimately develop low-risk, economically-driven appraisal wells

I particularly like "low-risk" - upon further interpretation of course. Since im in this for the long haul.

I also like that this should be completed by June. Hopefully by then they also have a farm in partner. I was hoping they would announce a spud date of around June sometime but one thing i have learnt with VIL is patience is more than a virtue, its an essential attribute.

Good to see Bongo 2 should spud Q2 which means by June. We will need some money for this though, albiet not much. But it might stretch our current kitty out somewhat. Hopefully they will be able to massage a bit more out of Bongo 1 to fund it. Im guessing this is the direction the mgmt want to go with as whats good for us is good for them.

Silverwood is no surprise. Dont we still have a WI with Bowtie? i wonder why GGP have said they will drill another well Q2 but it didnt get a mention in our project update?
We certainly couldnt afford 2 additional wells with our current cashflow maybe they have ellected to go with Bongo 2 instead of another bowtie well? if thats the case then i applaude that decision as there appears to be more in the soil at Bongo then Bowtie - according to estimates.

And SD is expected "in weeks" im assuming thats an estimate of about 4.

Means there will be no positive Ann's till then. It doesnt really matter to me much if the SP holds till then. If it goes to .08c-.09 i might top up another 5k, should average me down nicely to about 1.8c Theres no reason the SP wont go back to what it was in Jan once SD spuds. Should see 2's with a Bongo 2 spud if it doesnt require any additional CR and Bongo 1 stays producing strongly.

On the bright side when i do sell out i wont be hit by much CGT as i will have held 75% of my shares for over a year.

Is it just me or do all my posts end up quite long... i only mean to write a line or two i swear :)