from ggp quarterly

Here is cut and paste from GGP as it relates to Vil.

Its sad really that we have to do the research and post to inform the SH of these important facts.



FAUSSE POINT PROJECT
TGR #1 Well – Side-track
A side-track to the TGR #1 well targeting a potential 200 acre gas accumulation was identified from reprocessed 3D
seismic. IT has a potential pay interval up to 20 BCF of gas on an un-risked basis. The cost of the side-track is
projected to be around US$1 million. Leases over the new target have been put in place by the Company and the drill
site has been readied for new drilling operations.
The major partner in the project Verus Investments Ltd (ASX:VIL) has been reviewing the option to farmout a portion of their 72% working interest. The project remains on hold pending VIL’s decision

FAUSSE POINT – New Shallow oil Target
A separate shallow oil target at approximately 3,000 feet has been identified from the analysis of the reprocessed 3D
seismic. Leasing of the new shallow oil target is almost complete. Permitting has commenced and is expected to
take several months due to the drill site being in a wetland area.

KEY POINTS FOR VIL
a. Lease are secured for the target
b. Cost to dill about side track to be $1M. Guess this is total amount due to part been already drilled.
c. From previous info the tie in lines etc for this has also already been paid and is waiting.
d. Shallow target leasing almost complete however permit to take several months

BULLSEYE PROJECT

Jumonville #1 & Jumonville #2
Both wells are reaching the end of their commercial production life. Jumonville #1 is expected to end in the first quarter and Jumonville #2 by the end of this financial year in June 2012.

On reaching the end of the commercial production life of Jumonville #1 the current plan is to move up the hole and
test the Camerina interval which is estimated to contain resources of between 2.2 million and 7.1 million bbls of oil and between 2 to 7 BCF of gas. However the extent of the reservoir is unknown.

During the quarter Jumonville #1 produced 1,259 bbls of oil and Jumonville #2 produced 3,277 bbls of oil.

KEY POINTS FOR VIL
a. VIL has 10% interestand therefore should recieve $38,000 for the quarter for our 10%
b. J1 to be moved up to POTENIAL 10% of 2.2 to 7.1 Mill bbls of oil and 2 to 7 BCF of gas.
c. J2to last until end this fin year.