beside Fausse Point, VIL also has 10% of the bullseye projecti...

beside Fausse Point, VIL also has 10% of the bullseye project

i guess it all comes down to how much money VIL can raise from here on at massive dilution

below is taken from activities update announcement in may


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Bullseye Project
10% WI
Operator: Golden Gate Petroleum Ltd (ASX Code: GGP)
Producing Wells – Jumonville #1 (J1) and Jumonville #2 (J2)


Both wells are rapidly reaching the end of their commercial production life.

J1 production was temporarily suspended from 14th
of January to the 2nd of March and then placed back on production. It is anticipated that both wells will reach
their economic limit by midyear.

Once J1 is declared non-commercial the partners plan to abandon the lower perforated interval and perforate higher up the well in the Camerina interval.

The Camerina will then be tested to determine the commercial viability of this
interval.

The Camerina is estimated to contain 2.2 to 7.1 million barrels of oil and 2 to 7 Bcf of gas. Reservoir extent and productivity is unknown at the moment.


Forward Plan
• Monitor production of J1 and J2.
• Planning and AFE to abandon lower perforations in J1 and test the Camerina.