VOG 2005 New Thread

Siwel,

I would certainly not deny that VOG needs additional funding to prove up the resources.

But, even I was not a holder of stock, I would not applaud the sort of journalism put out by the Daily Mail. It is better for the company, the people they employ and investors if they go about raising the cash in private. These sorts of sensitive negotiations should not be conducted in public.

Remember they raised £5.5m @ 55p last February when then they did not have Kemerkol and hadn't drilled anything in West Med. The directors bought in June at 37p, and, apparently Kelleher is being paid his salary in shares rather than cash.

The prospects are better defined now (0.5-2.3tcf of gas and up to 200m bbl of condensate at West Med and many millions of barrels of oil at Kemerkol and Tamdykol), so the ability to raise cash should be easier, but still sensitive.