agm meeting - questions, page-4

Questions on other prospects...


1. Silverwood (30%)

In GGP's quartley report it was mentioned that flow rates could be as high as 200+bbl/d. and its currently flowing at 65-70 bbl/a (Vicksburg sand only). The top 10 feet of 26 foot interval was perforated.
Questions:
-Is there plans to perforate the interval further to increase flow rates? If so when.
-The Cockfield interval (deeper play) is assumed to be larger. At what point do they plan to test this interval?
What is VIL's share of costs for Q1 & Q2?

2. Bowtie Prospect (18%)
Land transfer arrangements have delayed the drilling on this prospect to 1Q11. Do they expect to have all land issues sorted out or are their other complicatioons?
What is VIL's share of drilling costs?


3. Bullseye Prospect (10%)

The existing wells are still producing and have increased production from 250bbl/d. What is flow rate now?
When do the partners now plan to test this formation further?
What is VIL's share of costs?


4. Outgoings

In the annual report out outgoings were summarised as:
-Corporate, administration and directors fees: $638k
-Investor relations consulting fee: $676k
-Share based payments: $318k

Would like confirmation that projected incoming cashflow from current production covers the outgoings or is there still a working capital shortfall. What plans do they have to conserve cash


5. Financing

What alternative options are the board considering re raising capital to fund further development. Is it from the equity market only or is their any consideration of tapping the debt market (subject to Q4 above). If equity only is being considered is it a placment to SI's only considered or a SPP? (or both).



Phew - thats it from me I think!


Hope we get some of the answers today!

Cheers

Maddoc