decisions for share/option holders, page-4

Hi TBE,
I am pleased you see the value in VPE. The $1.66 per share can actually be supported by recent transactions between VPE, BOW and British Gas. And as you know it is set out clearly in their latest presentation.

VPE's CSG programme is completely controlled by BG who own the Lion's share of the two valuable permits PL171 and ATP 574. VPE only own 20-30% of these.I can't quite understand why you should think BG should be holding VPE to account. It is actually the other way round but unfortunately VPE are a little smaller than BG!.

It sure does take a lot of time to get these permits certified but BG/QGC are hard at it. They need to be. They must have certification before their big daddy gives them approval to proceed with their CSG/LNG export plans.

The major shareholders of VPE have a tremendously successful experience in CSG...having learnt the ropes at QGC. The company is in good hands.

On the oil side I think VPE has had a very successful year and 2010 should be better. Certainly, it was a good move to increase their Growler/Snatcher position to 60%.

I do think that this company is a 'hated' stock and as a shareholder I would never stoop to shoot myself in the foot by denigrating it and management.I would simply sell up and move on. To hold a share and 'knock' it is beyond comprehension. Unfortunately there is a lot of negative sentiment still around despite the company moving forward strongly in 2009.

Such is life. I went through the same thing with NZO. I invested in that stock at about 26 cents and sold out at over the dollar.( I hated selling NZO but the CSG story was too compelling ) The sentiment against NZO was staggering.

So I am very happy with my VPE holding and I will certainly be exercising my options. I agree it has been a long time coming but one thing I have learnt in this game is extreme patience.