miki29 - change of mind, page-2

Well spotted Cikku,

Prior to the resolutions being put to the meeting, I sought and was granted the opportunity to discuss the pros and cons. It was pointed out that there were over 100 mil for and 10 mil against. I did not see any point in voting my 35 mil against as it was fruitless exercise, so I abstained. No point in me aggravating the Directors. They have been reasonably accessable to talk to.

AM was not present, quorum was, together with one SH, me.

Bongo 2 has been fracced and they are cleaning up the well by extracting water, etc. (some 4000 barrels of water plus sand went in to fraccing operation). Once cleaned up, testing/evaluating prior to announcing flows. Maybe 3 weeks for that announcement.

We all know SD due to spud soon. Air con in kitchens and accommodation were the latest issues being resolved.

Current income probably about K$600 -700 per annum. Cash in bank about $1.5 plus mil. Have to wait for annual report for accurate info.

If SD is successful, it will take capital to bring it to production. Amount not specified. Guess it depends on what it hits.

Bullseye, Bongo 1 producing income. Bongo2 will be income producing.

SD, Lyons Point and FP2 all in line to progress coy. Bowtie is in the future.

GL travelling to USA next week or so to review and evaluate Bongo 2, FP2 and Bowtie.

O&G industry is such that existing well production always depletes hence the need to always look forward to new projects.

Board does not intend to cap raise at .01c.

Farm out of percentage of FP2 is on the cards. No details yet as it is a work in progress.

My opinion is, despite flagging SP, Board has brought a suite of assets to the table. As SHs we need to hope Bongo2 production is strong, SD hits paydirt, Lyons Point produces, FP2 farm out/drill/result works for us.

I still believe that momentum for VIL going forward is positive. Obviously SD is a big key in the short term.
If it hits substantial paydirt, the Directors will be heroes and all the denigraters can then crawl under their rocks.

General discussion on the value of SD and FP to VIL SP not worth writing about here as conjecture and ultimate results can be vastly different.

Hope this helps a little SWAJA.

Miki

Not intended as advice. DYOR