VEN CR, page-13

Hi OG - I can't imagine that the pre-payment will be unrestricted, so I'd say they're $4m + admin costs short at this stage.

However - it's a timing game...Kinta seismic would need to be shot well before any oil/gas well...and then those wells would have payment terms attached i.e. 90 day terms that may coincide with some cash flow from Vali. Having a HOA in place would also open up the avenue of debt funding (as we've seen with VEN); and then we have the 4c, 3.1c and director options. Also nothing stopping a prepayment for Odin - although that hasn't been raised anywhere. So many variables.

How the 4c options unfold will be telling - there was 50 odd million on the buy side the other day, which may well have been traded off market as far as we know. That would raise $2m straight up. If all 4c options are exercised I believe we're looking at $7+m coming into the coffers. I can't imagine them doing anything prior to the 4c options expiring and I'd imagine the field status of Vali will open up some debt options.

All stabs in the dark, with a lot dependent on what happens (if anything) prior to year end.