VPE 0.00% 41.5¢ victoria petroleum nl

odin perth briefing

  1. 630 Posts.
    morning all

    following are my random recollections from yesterdays briefing.

    As a starter i found it very interesting to note the composition of the people attending meeting, I entered behind a group of 4 that came together and upon signing the register noticed the name Kopcheff, must have been JK's wife i assume.

    meeting was conducted by Alex Bajada, the other odin directors were also introduced. The content was presented in a very open and frank manner.
    It was made clear that from the outset odn has set itself the goal of facilitating consolidation of cooper basin assets. Initially an analyst was engaged to assess all Cooper players and VPE emerged as the most attractive target.Due to its assets and vulnerable registry.

    The point was made that this is a very capital intensive business and making real headway in a small Co is a difficult way to go about it, ie always having to come back to the market for funds and the subsequent dilutions etc.

    A review of VPE assets was discussed, focusing on the divesting of noncore and non-performing assets with funds being redirected to capex on core assets.
    He then went on to explain that this size entity is too small for fundmanagers to get into as they normally prefer something in the $100m market cap range. Mr Bajada outlined his experience in capital raising and highlighted his position on the State Super board managing over $1b funds.
    It seems that odin believes that by way of a merger + a 2 stage capital raising of approx $30m and by divesting noncore assets they can place Vicpet into the airspace of fundmanagers and turn VPE into a major force in the cooper.
    With a focus on the cooper assets combined with new managements extensive technical skills and capital raising abilities the new Vicpet will be a well funded and profitable entity.
    Mr Dimsey spoke authoritatively on the Cooper basin and commented that the cooper is still being approached in the same manner and with the same tech approach as it has for the last 20yrs and intimated that there was much new technology or tech methods that have yet to be utilised in the area.
    Mr Bajada made it pretty clear that odn's stake in VPE was not a passive one and that they were continuing to increase their position. He also said that they had had many discussions with broking houses and insto's on their plans for consolidating the cooper and received broad and enthusiastic support for the concept.

    Overall the impression given (imo) was of a capable and determined effort to build a new major player in the cooper, with VPE forming the base from which to move forward.

    I am sure for some of u this will raise more questions than it answers, please try and remember that i am simply a vpe shareholder and not hear to answer your questions about the odin strategy. The Odin directors made it quite clear that they would be presenting their case in all the major capitals and were extremely happy to be contacted by any VPE shareholders to discuss the situation and present their 'vision'.
    I will be voting for the Odin proposal and certainly urge all to attend these briefings or contact the odin directors in order that you all may make a fully informed decision one way or the other.

    cheers

    skitzo
 
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