My sentiment precisely. And let me tell you something, JK does NOT give a toss regardless of what you might like to think. I'm speaking from experience having contacted the company on several occasions without any success in getting past the lady who attends to the phone. I believe the standard response is "I'll get someone to get back to you", but no one ever does.
I can't see the point in investing in VicPet when it's clearly JK's Pet. He pulls in 300k a year - for what? It's a pity really. I like their assets, but I can only see one way for VPE to go fwd - and that's without JK. Unfortunately, I don't hold enough interest to push him out... I'd only wish!
Why can't they use 2P numbers in their presentation instead of 3P? Why don't they use net production figures instead of quoting gross numbers - which sounds bl00dy stupid when they talk about having an interest in 3200bopd gross for Jingemia given that "interest" is only 5%? Why do they talk about bringing gross Cooper Basin production from 250bopd to 1000bopd when they should be talking about increasing their net production from 100bopd to 400bopd? What's with the BS about possible acquisition when they aren't even self-sufficient in funding their exploration program without having to constantly suck more money out of us and further dilute our holdings? Why do they repeat the same, old useless information about a prospect dating as far back as 2001 when they can simply provide the latest update? (This way, they can save some trees as well as printing cost!)... the list of questions just go on....
Bottom line is... they've discussed "hydrocarbon shows" for West Florence, big deal. They had similar "shows" at Telowie, Maraco*nda, and Donga... and we know what happened in the end for those wells, don't we?
Until they flow something in the sales pipeline on a sustained rate, I wouldn't trust a word they say. One more thing, JK keep saying that they are undervalue, I fully agree based on my estimated 2P reserve that they possess. However, oil in ground is worth as much as the gas coming out of my proverbial backside. So until they can flow the darn stuff out of the ground, the profit margin per barrel is so low that the only person making money is JK, and not us shareholders.
I am hoping to be proven wrong, but there is only one oil executive that I trust less than JK, and that's bl00dy Simon Potter!
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VPE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
