Ann: Odin-1 Re-Start of Production, page-24

Interesting move by VEN. I don't think much of GLL's project so I hope they bring some cash to the table

Glennon have continued provided enough funding to keep MEL (barely) alive while they waited to see what happened to VEN. Now that is resolved, I think you are right @boysy1 , we will see what Glennon's next step is. We can only guess and mine is that Glennon will continue to advance enough funds to bring O-2 online and remediate O-1.

I really haven't invested in a micro like this where the majority SH is also the senior debt funder. It conflicts Glennon as if they move to protect their $2m debt they would likely destroy their $3 equity investment.

I said before that Glennon's game plan may be

"Assuming Vali breaks even and Odin contributes around $6 GJ a stripped back MEL could break even if Odin is producing 2+mmscf/d. This could well be Glennons game plan to protect both their debt and equity. Cut the guts out of costs and get to breakeven."

There remains the potential for Glennon to preserve both it's equity and debt but to do so they need to risk some more capital. We will find out pretty quickly which way they will go.

GLTAH, I'm going to go and read the VEN/GLL documents.