obvious discovery made by jv

Now perhaps it is just me (or that is it quite late in the evening) but i am having trouble understanding the nature of investors here. That is, i am trying to gather what all other investors and traders had translated the recent announcement to be. With my investing background (i.e. primarily in Oil and Gas industries), i am still trying to comprehend how other investors had decided to sell off their holdings...holdings that i might add will be able to make them huge profits. Quite ludicrous.

Now entertain me for a second here.....

Announcement indicates that JV has reached their Target Depth and intersected 300 feet of formation - (i.e. they have hit the payzone and found oil / gas!)

Drilling has encountered over 300 feet of quality hydrocarbon bearing formation - (i.e. they have found oil!)

Mudlogging and electric line logging has identified hydrocarbon fluorescence (i.e. they have found oil!)

Additional 80 acres of adjacent land (upon the substantial acreage they have already leased) has been secured (this usually means that they are going to have to expand the drilling program in the future)

3 exciting zones of interest to be tested and entire well is now completed for extensive testing campaign (i.e. resource recalculation and possible flow rates)


Comments - In addition to the main points in the announcement indicated above, VIL has given so many hints as to the nature of the discovery to all shareholders that i am sure that the board members are probably scratching their heads in unison now asking themselves where they went wrong with their news release...

Starting of with the comment - "Board...is delighted to announce...has intersected the primary deep gas play with very strong oil and gas indications"....and indicating that they have "encountered over 300 feet of good quality high porosity and permeability formations"...can this be translated any different from the obvious?!

VIL has also indicated that though they are bringing in a workover rig to begin production testing (i.e. indicating once again that they have a discovery), they will release the results "as soon as they are fully interpreted". This is of course referring to the logging and sidewall coring that they have just taken upon cementing and casing the target depth and not the production testing results.

Furthermore, they have said that the production testing results will be used to "plan for the field to be completely and efficiently developed to maximise its potential"...hmmm..another hint perhaps?!

After pretty much indicating everything that they can legally state, VIL further discloses that infrastructure is in place and that all agreements for nearby production facilities are complete.

Lastly, we have the chairman acknowledging the GREAT WORK done by all the JV partners and operators and then disclosing that "this appears to be the BEST OUTCOME VERUS SHAREHOLDERS COULD HAVE WISHED FOR"....

Now, perhaps it is late and i must be seeing things, but in my years of investing i have not seen more obvious indicators then this...

To investors, be patient and wait for the price to come to your level or whatever trading plans you are subscribing to. As for me, this is truly a no brainer. Just wish other firms would disclose in this fashion!