agm meeting - questions, page-5

Hi Maddoc,

My interpretation of answers from AGM (at which I appeared to be the only shareholder):

FP1 was never drilled to find the "new play". The upper zones have not proved commercial for whatever reason. Coy still believes that FP has oil/gas.

VIL/GGP have experienced frustrating delays in acquiring seismic data that they felt was necessary to supplement their own data with the aim of pinpointing best area for FP2. Will be 2 -3 months before they hope to have a target.

Funding for FP2 "MAY" be farm out of 22% ?? leaving VIL 50% free carried. Not the only option.

GGP not necessarily exclusive operator. If they cock up by not putting the effort in, VIL could appoint another operator however it costs money to change an operator.

Bongo could make VIL 10 - 25 Million before it is done. Not bad for a $1.3mil investment. There is possibility of participating in a further 8 wells (3 of which are considered prime targets).

Last AGM VIL was considering venturing in to FP as their first foray into O&G. This meeting they have interests in 3 producing wells and a heap of further opportunities. Not a bad 12 months for the coy really IMO. If they made the same progress or better in the next 12 months, who knows where it will be.

Tunisia is an investment that has "angles" which could be hugely beneficial to VIL. Depends on what is found. From the description of the deal that has been struck, I feel that it is a positive investment. After all, VIL is not an O&G coy, it is an investment coy which does not have the same reporting obligations as an O&G Coy.

Coy has some K$400 cash. Expecting another K$600? from announced cap raising (after satisfying buy in to Tunisia).
Income from existing wells approx K$600 per annum. Annual outgoings of approx K$500.

Standard blurb about Directors recognizing the need to drive SHolder value. No comprehension why SP is so poor given state of Coy.

Good night, hopes this helps.

Miki