Recent speculation has suggested that Foo wanted to raise up to £10m by offering investors shares at 100p.
'No chance,' said an informed source last night. 'Not at this level. There is no guarantee whatsoever that its well in Siberia will provide commercial quantities of gas.'
The source went on to say: 'Even if the gas discovery is proved successful, who exactly is Victoria going to sell the gas to? Why take a chance in what has often proved to be a dangerous 'jam tomorrow' sector'?
Victoria's shares more than trebled to a peak of 128p last month when it claimed it had made a large potential gas discovery in western Siberia. Victoria paid just £6.4m for its three-quarter share in the Russian field.
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