I think VEN are getting a bit ahead of themselves again. They are raising to fund works on on Odin and Vali fields however this work remains "subject to shareholder approval". It reminds me of their raise last year to fund O-2 and O-3 which was also subject to shareholder approval. They raised the funds but didn't drill O-3, instead they went chasing unicorns with GLL!
At the current SP VEN should not aiming not to raise 1c more than they need to. Raising $700k for Vali works right now is just a waste. IMO the JV will not agree to the Vali works. Michael Glennon is running MEL right now and he is not going to tip in $700k into Vali for no retrun. Vali is, at best, an excercise in cost recovery.
There is only one question for the JV right now. How bad is the scale issue at Odin and how much will remediation works improve production? The JV, MEL and VEN's future all ride on it.
VEN should be raising just enough to survive to answer the Odin question. If Odin can't be improved there is no logic in throwing money at Vali for no return.
VEN Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held
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