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VIL, VERUS INVESTMENTS LIMITED
Jack London
post Posted: May 8 2013, 12:48 PM
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As readers may be aware, a number of independent shareholders are in the process of seeking changes in the administration of Verus Investment Limited. These shareholders are of the view that resolutions 1 and 3 in particular should not be permitted to pass. In addition they believe all of the Resolutions should be voted down in this instance so that changes can be properly implemented. A section 249D requisition is under way which seeks transparency in how the shareholders are treated by the board. Those holders attempting to make these changes are doing so at their own expense for the benefit of all shareholders. They believe the effect of the resolutions will be to destroy share value for most shareholders.

If you are unable to attend the General Meeting you need to complete the Proxy form and have either the Chairman or Your Nominated proxy. Should you choose the Chairman you should MARK each Resolution as to your intentions and we respectfully suggest that you vote AGAINST all Resolutions. This way the Chairman is forced to use your directions.

At this time there may be an attendee to the meeting who can direct your voting, as a Proxy other than the Chairman, and this persons details will be made available once confirmed. So at this time mark the Chairman square box. Please carefully fill in the form and send it by:

FAX to VIL +61 8 9389 2099

EMAIL: info@verus.com.au

Again we strongly recommend that voters should direct their proxy AGAINST all Resolutions. Also, mark the box on the proxy form which appears below the heading “Important for Resolution 4 and 5”.

Again should there be a suitable person to attend as a Proxy we request that you keep another form ready to send directly to that person as directed, which you should name in the third from top long box of the form while leaving the Chairman square box unmarked.

For those needing a Proxy Voting Form.
Announcement of 12/4/13 Notice of general Meeting has a copy on page 17. Print yourself off copy. Also next page 18 in same document gives instructions.

I f unclear please phone 0414903649




Said 'Thanks' for this post: gottsy  
 
veeone
post Posted: Apr 8 2010, 10:01 AM
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The Board of Golden Gate Petroleum Ltd (ASX:GGP) advises that significant progress has been made in preparing the T.G.R. Land Company, Inc #1 well at Fausse Point for commercial production.
The drill site has been converted to a production facility with the construction of a permanent pad. Production equipment has been moved on site and is being assembled in order to commence production from the initial interval tested at 8,370 feet.
The road to the production facilities is currently being made permanent and designed for access to a second drill site for a follow up well to the initial discovery.
A short pipeline to the main meter station is currently being worked on. Surface access, meter station upgrades and pipe acquisition have been organised. Actual pipeline construction is planned for the end of this month with production beginning in May.
Further geoscience work is being conducted on the data from the initial well along with additional information including more seismic data on the Fausse Point salt dome. This work will provide a better indication of the potential size of the discovery and the best path to gauge and develop the overall commercial potential.
Partners in the Fausse Point Project are:

Golden Gate Petroleum Ltd (ASX code: GGP) 18.00% WI
Verus Investments Limited (ASX code: VIL) 45.00% WI
Pass Petroleum L.L.C. 27.00% WI
Oakmont Minerals 10.00% WI



 
xsmangos
post Posted: Feb 12 2010, 03:40 PM
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In Reply To: sirob's post @ Feb 12 2010, 12:08 PM

It may well be that the company is being overly conservative in it's announcements to dampen the massive speculation of a few days ago.
Turnover of more than half the shares on issue in one day would surely have caught the attention of ASX.
Hence a very cautious announcement.
Monday or Tuesday will give better information.
smile.gif

 
sirob
post Posted: Feb 12 2010, 12:08 PM
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In Reply To: mosaic1996's post @ Feb 12 2010, 11:11 AM

QUOTE
As an analogy, it is a bit like shaking a can of coke, and opening it


Good analogy. A small choke setting initially can be for various reasons ie to allow the well to build pressure and to stabilize. An unstable well can flow inconsistently causing water to mix with oil, gas and excessive amounts of solids, all undesirable and producing unreliable data which is required for establishing the ultimate flow parameters and viability of the well. Whilst I would prefer to see a new well with a good stable free flow from the onset the present situation has to be tested and evaluated and can often result in a good commercial outcome. Have to await the results.

 
spartz
post Posted: Feb 12 2010, 12:08 PM
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In Reply To: mosaic1996's post @ Feb 12 2010, 11:48 AM

It will indeed. I'm watching this one carefully as an education in what is real and what is hype. I suspect those who have a good understanding of the geology and technicals are in the box seat compared to traders and gamblers panicking over lower-than-expected INITIAL flow rates. As you say, time will tell if the pressure sustains or not and if the flow rates increase.

 
mosaic1996
post Posted: Feb 12 2010, 11:48 AM
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In Reply To: spartz's post @ Feb 12 2010, 11:25 AM

Hi spartz,

It is more the small flow rates that are the concern that it may not be commercial. Time will tell.

Cheers,
Mosaic

 

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BSA
post Posted: Feb 12 2010, 11:34 AM
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In Reply To: mosaic1996's post @ Feb 12 2010, 11:11 AM

I'll have Wild Turkey with mine please smile.gif



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spartz
post Posted: Feb 12 2010, 11:25 AM
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In Reply To: mosaic1996's post @ Feb 12 2010, 11:11 AM

My understanding is that a small choke is standard at the start because of the enormous pressures. If you started off with a larger choke you risk a blow out. Then they gradually increase choke size until they find the optimal pressure and flow. I agree that a small choke ON AN ESTABLISHED WELL means pressure isn't so high, but not at the start during testing when small choke is there for safety reasons.

 
mosaic1996
post Posted: Feb 12 2010, 11:11 AM
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In Reply To: spartz's post @ Feb 11 2010, 09:09 PM

hi spartz, sirob,

Agree that what I siad wasn't exactly correct in that I now believe that the oil does flow through the choke. However, I believe that my comment of a small choke with a small flow rate is not a good sign.

As an analogy, it is a bit like shaking a can of coke, and opening it - there is a big gush of coke which goes everywhere for a short period of time. However, if you make a small opening by just making a small break in the ring-pull seal, it squirts out for a much longer period of time = pressure is kept in the can (reservoir) to force coke (oil/gas) out over a long period of time.

Cheers,
Mosaic

 
sirob
post Posted: Feb 12 2010, 10:29 AM
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In Reply To: spartz's post @ Feb 11 2010, 09:09 PM

QUOTE
As they opened up the choke, pressure dropped and flow rates increased.


Hi spartz,
You are correct but so is mosiac you are both saying the choke controls flow rates. Well control thru the choke is done to control many other aspects of well producion. Yes opening the choke reduces pressure and increases flow rates, open it too much and you can lose the pressure completely and the well may die. The idea of the choke is to optimise the flow rate to get the best out of the well in terms of well live, oil quality and recovery.

 
 


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