vil - pass petroleum, page-32

Why does everyone keep blaming VIL for FP updates. GGP are the operator.

Pass deal sounds good to me and thumbs up on your posts GiddyYup. Figures all look reasonable. For me FP is the main game and an increased position is what GGP were after when trying to secure Pass themselves.
We also get cash flowing through the door - how anybody can write that off and then talk about not being able to value FP or Bongo is a bit of a mystery to me. Cash through the door (as small as it is) is still cash through the door! Valuations based solely on this income stream is ridiculous as without the Pass merger, VILs valuation would be roughly zero as we don't have anything income producing yet. The potential value of FP should be the focus when trying to value the worth of the Pass assets. I am not dismissing the other projects on offer - I like the spread it gives us, but FP is the main game.

For Pass holders - I think this is an equally good deal for them if FP holds what we think it does. As Putty said, all the work that's gone into FP would suggest all involved are confident it has the goods. Time will tell and nothing is certain, but you can only go off the information you have until firm flowrates are detailed.

And my view point from the chart thread re share placements - again we are not the operator and I do believe that the theory of a slightly sour relationship between GGP and VIL holds a ring of truth to it. In any case by the by.

Pass deal - good.

Bring on the FP news!!