Ann: Management and Corporate Restructure , page-43

I'm of the view this is our best hope for garnering some value from VIL.

Let's face it, the current board has proven they have absolutely no ability to pick decent projects to participate in. Every project has failed and the only project they ever got any revenue from came from them taking over Pass petroleum. Loads of potential in each project, which is why some of us took a punt, but the results were abysmal.

New board has some very interesting ties. Mr Lawrence - ex Apache. I'd be willing to give him a chance to find us a decent project over the current mob who have proven 3 for 3 that they can't do exactly that.

Surprised nobody has mentioned the Yellow Brick Road connection. Direct tie to Mark Bouris. Direct access to entrepreneurial talent, funding and many connections.

I had no faith in our current board and so I'm happy with this proposed restructure and consolidation. Of course there was going to be a discount involved - who else would touch it with a ten foot pole?

Consolidation will be great as we had way too many shares on issue and VIL 2.0 will not fall into the "1 billion shares on issue - forgeddaboutit" bucket. Whether VIL 2.0 will be more successful than VIL remains to be seen, but I now have a glimmer of hope of extracting "some" value out of the shares I'm stuck with after the SD disaster (I knew it was a punt so knew there was every chance of this happening).

So I'm all for it. Won't be sinking any further funds into it that's for sure, unless the new board kick some goals and prove that VIL 2.0 is a whole new ball game.

Be interesting to see what they do with FP. My gut feel is that's a waste of a project too unfortunately, so I'm looking for the new board to bring a real project of value to the table.

Good luck all.