options, page-20

IMO the coy. have treated option holders very shabbily and have shown by their lack of action that they don't have any regard for the interests of their option holders. If they did, they would have made an ann. in early March that a meeting of the coy. would be called to extend the expiry date of the options (by at least six months)once a decision had been taken on the Fausse Point exploration/development that was clearly not going to benefit the option holders.

IMO the option holders position would have been enhanced if they had opted to production test the areas that were likely to provide the most HCs rather than the lowest bottom hole region that was not originally a target area. I accept that the decision may have been made by GGP as operator but that did not prevent VIL from taking immediate action to protect the position of option holders.

ANZ