Ann: Further Increase in Debt Facility, page-19

With the business in the hands of it's financer MEL has cut it's expenses to the bone except for the cost of it's loans .
VEN EV value is not all that higher even though it owns double in the producing fields and has other assets as well .
VEN does have much higher running and management costs and I think that weighs heavily on their SP.
But the overall take imho is that the market gives a very low value to the producing assets and cannot see a way ahead .
To move forward both businesses have to have an injection of capital but it is very hard to see where it would come from .
The Cooper basin has a history of the big fish eating the little fish but the big fish might be just waiting for a liquidation sale .
No doubt the best result for both VEN and MEL shareholders would be a take over offer but it would be unlikely to be generous .

GLTAH