re general meeting 27 march, page-18

My view about Odin is as follows

1. They formed the company to get into the Cooper Basin which is getting renewed attention from Santos and others.

2 They have shot some seismic and were hoping for farmin partners. Their shareprice slipped and this possibility may have eluded them.

3.They then looked at the VPE/BOW/SANTOS Cooper oil drilling programme and liked what they saw.

4.They have researched VPE and can see it is completely and grossly undervalued so they have taken a direct equity stake mopping up the script of many disgruntled shareholders who are oblivious to the tremendous real potential that VPE has in front of them.

5.Whilst all this has been going on the emergence of CSG as a major asst has been brought to the surface by the continuing offshore investment in CSG by both Japanese and British companies looking to export CSG through LNG plants
to be built at Gladstone.

6. And now they are hoping for a seat on the Board of VPE retaing JK but hoping to displace other Directors.

In my view this is opportunistic but I cant blame them for trying.JK should immediately get an Industry ranked valuation done and do all that is possible to release the CSG results of the Roma drills in PL171...before March 27.

As previously indicated I will be voting for JK and the present team.