I don't want to dampen your enthusiasm but I suspect holders need to keep this announcement in perspective.
Firstly, FP supposedly held so much potential yet VIL management have spent the last two years throwing shareholder funds at everything and anything except FP.
FP partners don't seem even remotely interested in it either. GGP being the only other partner of relevance has made it very clear that they want no part of it going forward.
The announcement talks of planning but actual drilling is still subject to agreement with the partners, the main one of which clearly has no intention of participating.
VIL has no other cards to play except FP.
Add all these things together and it paints a pretty clear picture of what everybody involved, including VIL management think of the odds of success at FP. If the odds were good the $1mil would have been invested long ago when VIL actually had the money. The partners who only have to cough up a couple of hundy would surely have said, sure lets finish this. GGP not being willing to stump up a mere $190k tells the story.
VIL management have to be seen to be doing something for the next few months before the cash runs out otherwise that cannot declare the business a going concern. Not convinced FP will ever be drilled and if it is, even those involved in the drilling at FP previously don't seem to have any confidence in success.
I hope for everybodys sake that I am completely wrong. I hope FP spews oil into all that expensive infrastructure such as the pipeline that VIL management wasted so much shareholder money on back in 2010. Never enough oil produced to even fill the first section of the pipe if I recall. They did however declare the well "commercial" if I recall correctly.
VIL Price at posting:
0.2¢ Sentiment: None Disclosure: Not Held
