1. Since Verus changed its focus from “investments” to the “resources and O&G” sectors, the performance of our VIL management has been extremely poor due to a number of failures as listed below (with the exception of the Fausse Point project for which we have been waiting for the past 33 months !!!) i.e.
13/10/2006 – South African vanadium project , agreement terminated. 2/1/2007 – USA O&G farm-ins namely St.Gabriel, S W Edwards and Gueymard, written off. 3/4/2008 – Brazilian iron ore and nickel projects terminated. 21/11/2008 – USA Lee County O&G farm-in , lapsing of agreement. 1/6/2010 – Bongo O&G farm-in sold back for $100,000. 2/8/2010 – Silverwood O&G relinquished, and Bowtie West O&G withdrawn. 23/5/2011 – Lyons Point O&G abandoned. 25/6/2012 - Sidi Dhahir, well abandoned.
2. Company losses from y.e. 30/6/2007 to half yearly 31/12/2011 were $19,901,493.
3. Number of shares increased from 238,794,000 to 1,885,158,563 as at 15/2/2012.
4. In the Golden Gate Project Updates Report of June 2012, GGP the operator of Fausse Point stated : LEASES OVER THE NEW TARGET HAVE BEEN PUT IN PLACE BY THE COMPANY, AND THE DRILL SITE HAS BEEN READIED FOR NEW OPERATIONS. DRILLING AND TIMING OF THIS WELL IS THE DECISION OF THE MAJORITY WORKING INTEREST PARTNER.
In conclusion, if our incompetent management fail to act forthwith, and commence drilling Fausse Point, action should be taken to have the management replaced.
Regards to all.
VIL Price at posting:
0.1¢ Sentiment: Hold Disclosure: Held
