vil announcement and projects updates, page-5

I like the announcement:

The company's acquisition of Pass Petroleum and recent investment in the Sidi Daher Prospect, located onshore central Tunisia, meant Verus had reached a critical mass that required a permanent appointment of Executive Director.

Verus has a 72% working interest in the Fausse Point Project in Louisiana. Reprocessing of seismic data is planned to be completed in early 2011. Once completed this will determine the optimum location for Fausse Point #2 Well.
Options for the financing and or FARM-OUT of this #2 Well are being considered.

Chorbane Prospect (Sidi Daher #1 Well)

ADX Energy Ltd recently announced approval of the rig tender evaluation by Tunisian authorities and anticipates a spud date in January 2011 for the drilling of the Sidi Daher #1 Well, on the Chorbane Permit. Drilling is anticipated to take approximately four weeks to reach the target depth.

Potential un-risked P50 cumulative gas reserves from the primary target is 175 billion cubic feet of gas and 44 million barrels of oil from the secondary target.

THIS WELL REPRESENTS SIGNIFICANT IMMEDIATE UPSIDE POTENTIAL TO THE COMPANY AND SHAREHOLDERS.

Bongo Prospect

Production testing is continuing with production facilities being established this month. When commissioned, forecast production flows and cash generation will be provided to the market.