TV2U Acquisition Failure by ODN last year

" 30 JANUARY 2015
QUARTERLY REPORT
FOR THE 3 MONTHS ENDED 31 DECEMBER 2014
Operations
Galveston 307L Project (Snipe, Egret, and Sandpiper), Texas State Waters (WI 11.25%, weighted-average NRI 8.88%)
Production operations continued at the Galveston 307L project. Production for September (not previously available), October and November was 46,245 Mcf (4,120 Mcf net to Odin’s subsidiary, Kilgore Exploration, Inc).
Figures are not currently available for December. The Company is currently in discussions with the operator in regard to certain aspects of the Offshore Operating Agreements and is awaiting more detail concerning production and budget expectations.
Corporate
The Company executed a Memorandum of Understanding with TV2U Pty Ltd (“TV2U”) on 26 August 2014. A comprehensive due diligence of TV2U has now been undertaken and the Company believes the best way forward for this project is through a new initial public offer (“IPO”) on ASX. Odin will earn a share based fee for its previous and ongoing consulting on this project and it is intended that Odin shareholders will be offered priority subscription rights in the IPO."

I found it..... ODN is paying for this big mistakes...

Mate, they (TV2U) have concluded all commercial undertakings with them.. Nothing t0 worry about, see link.

ASX announcement (via Hotcopper.com.au)