Hi furniture, to answer your questions:Quick summary of where...

Hi furniture, to answer your questions:

Quick summary of where VIL sit.

Awaiting spud at Sidi Daher(SD) in Tunisia. This was meant to spud in early Feb however has been delayed to mid March and now an additional "short delay" which has no additioanl operational costs but is annoying. By the sounds of it they are waiting for some local cops to arrive and ensure that theres some security in the area.

This is what triggered the SP to go from 1.3-1.4c to .9c over the last few weeks.

We are also awaiting a spud date and location for FP2, the 3D seismic data has been interpreted over the last few months and the results of this interpretation were initially scheduled for end of Jan but then changed to within Q1 of 2011. Which is in the next 10 days.

As im sure you would have known the whole hype over VIL last year was FP (its sole investment at the time), however the well ended up being a duster as they drilled it too close to a salt dome so all the gas/oil bearing shafts were clogged up with salt.

The Bongo well which was flow tested last year was producing 400BOPD however i believe that has dropped off some what and VILs 10% share currently equates to roughly 15-20BOPD. We are still waiting for revised flow rates to be announced but arent expecting any announcement that will effect the SP very much either way.

As it stands now there is currently nothing we need to pay for as the SD well has been covered and mgmt have indicated they intend to farm out a portion of FP2 to pay for spudding costs.

Aside from this there are a few other wells in the pipeworks over the next 6 months or so however there will need to be a CR or we will need to be generating income for those to go ahead (eg. bullseye, more Bongo wells etc)

So in summary, at 1c i honestly believe its a good buy. The potential downside from here is that SD will spud and be a duster and FP2 will be permanently shelved. Upside of course is the opposite. However before either of these 2 potentialities evolve the SP will no doubt go up a few ticks on hype alone. How many tickets exactly is anyones guess.

Cheers