time for action

I have written to Greg Lee and David Calcei covering a number of issues, and replies have been received from both directors. Although no specific information was given, Greg Lee has promised to release a market update covering the entire Verus projects prior to the AGM.

I have now replied to both directors and some of the comments I made to them are listed below.

1. Although an update is greatly appreciated, a firm commitment to commence the side track drilling of Fausse Point is required.

Greg Lee pointed out that Verus was non-operator of all projects, but I pointed out that the delay of Fausse Point was caused by Verus and not GGP the operator, as per the GGP announcement of 25/7/11.

Also, on 14/6/11 GGP stated that the side track of Fausse Point will commence in early August giving Verus sufficient time to raise the funds needed for the side track.



2. I pointed out that the funds raised for Sidi Dhahir should have used for the Fausse Point, as since 2009, shareholders have been told that this project will be the company maker.

Based on data provided by the company, I detailed why Fausse Point project is a greater project than Sidi Dhahir i.e.

Potential recoverable resources as per VIL announcementsare is follows:

Sidi Dhahir – Total P50 – 175 billion cubic feet of gas
VIL 10% share - 17.5 billion cubic feet of gas

Total P50 - 44 million barrels of oil
VIL 10% share 4.4 million barrels of oil



Fausse Point Total P50 - 24.2 billion cubic feet of gas
VIL 72% share 17.4 billion cubic feet of gas

Total P50 9.8 million barrels of oil (original 7.4 and 2.4 new shallow prospect 9/9/11)
VIL 72% share 7.0 million barrels of oil

In conclusion, cubic feet of gas is on par for Sidi Dhahir and Fausse Point, but Fausse Point’s barrels of oil is greater than 2.6 million.


Before voting on the AGM resolutions, we as shareholders, should examine the data contained in the market update and accordingly made the right decision.

Hopeful for some good news. Best of luck to all VIL shareholders