wrote to greg lee

On the 24/1/12 I wrote to Greg Lee about the comments he made in his response to our demand letter. As yet I have not received a reply.

a) I pointed out that US/European and world financial situation (as he stated) may have had a limited impact on the VIL shareprice, but the major impact on the share price is due to the lack of news and delays caused by our management. It is a well known fact that speculative O&G stocks such as VIL are virtually price driven by news releases or anticipated news. I mentioned that this theory has been well proven by the movement in the GGP share price.

b) I quoted that for the the past 2 years and 4 months the Fausse Point project has been pushed from pillar to post, resulting in a number of promises, excuses and unwarranted delays.
To find out the current standing on Fausse Point I wrote to GGP the operator, and their reply of 29/12/11 was "Whilst GGP remains committed to the Fausse Point project, we can take no action until the major working interest partner, Verus Investments Ltd completes the farm-out of its working interest of the project. VIL holds 72% of the project. We will update the market as soon as we are informed of any significant development from VIL."
If this statement is correct, then, this unwarranted delay is solely caused by the VIL management. VIL have promised a financing/farm-out review of the Fausse Point project since 25/3/11 and still not carried out.

c) In the conclusion, I stated that shareholders are extremely disappointed and rapidly loosing confidence in our management, and to restore confidence and goodwill we hope and expect our management to immediately recommence the drilling of Fausse Point as a matter of urgency, and confirmation of this process should be released to the market.


Perhaps other shareholders should put pressure on our management by phoning and writing as soon as possible.