Victoria Oil & Gas: Fundamentals & Valuation Summary

Just got a reply from George Donne to my email

Quote -

'Well 103 has discovered hydrocarbons, as we reported in October, in
three separate intervals with hydrocarbon saturations between 50-75%.
This well is about to be put on test and we hope to be able to announce
first flow-back response very soon.'

Reads to me like update due very soon. (before full 90-120 days well testing period)


Full email:-

Dear Steve

I do appreciate how difficult this last 6 months have been for all our
investors. However, it is my belief that the prospects for the company
are still good.

Well 103 has discovered hydrocarbons, as we reported in October, in
three separate intervals with hydrocarbon saturations between 50-75%.
This well is about to be put on test and we hope to be able to announce
first flow-back response very soon. The full testing period will be
around 90-120 days, in order to give us the most certainty about the
reservoir characteristics (the longer the test, the more data we can
gather).

Well 105, our next exploration well which is being prepared at the
moment, has been given a good probability of success and we are
expecting to be able to commence drilling in Q2 2007 once the equipment
has been moved from the site of Well 103.

The 3D seismic survey at Kemerkol has been completed and interpreted.
The quality of the survey is excellent and we now have a list of primary
target locations to commence new drilling in 2007 with significantly
less risk.

I hope this gives you some encouragement

All the best and have a very happy Christmas

Best regards
George



-----Original Message-----
From: Steve & Dawn
Sent: 19 December 2006 10:36
To: George Donne
Subject: VOG (Amended)



> Dear George
>
>
>
> Please take the time to read the following
>
>
>
> I feel VOG as a company has seriously underperformed in terms of share

> holder value.
>
> Based on the hype earlier on in the year, with William Kelleher
suggesting
> that VOG will be a billion pound company by year end and the target
levels
> for oil production at the West Medvezhye Field, well 104 looking very
> prospective. A lot of private investors like my self bought into this
hype
> earlier on in the year at premium levels. Now with well 104 not
> commercial, 103 not looking very prospective (as is the impression
based
> on the news flow), oil production at the West Medvezhye Field well
below
> target levels. It seems the share price is in freefall and you as a
> company cannot counter this with the slightest glimmer of good news.
The
> fact that Fidelity have sold out makes me very worried indeed, as a
> reputable institution they must know a lot more than the poor out in
the
> cold private investor. I have lost all faith in VOG as a company and
for
> it to deliver any share holder value. I am obviously nursing a huge
paper
> loss, I don't know weather to cut my losses as many a private investor
is
> currently doing or to hold on in the hope that there may be a
turnaround
> in VOG's fortunes, which at this moment in time seem unlikely.
>
> One final thing that concerns me is the stated timescale for the
testing
> of well 103 (90-120 days) this is way way above the norm, even in
> comparison to well 104. Why is this?
>
>
>
> I would appreciate your comments on the above as I feel it the very
least
> you can do in light of the current share price.
>
> A prompt response would be most appreciated.
>
>
>
> Regards Steve