The official chance of success figure given by MEL was 28%. The market cap of MEL was 1/3rd of VEN at the time, so traders betting on the oil well preferred MEL. Now, with the 'water discovery', the market cap of MEL is back to 1/3rd of VEN.
Interestingly, VEN provided a market sensitive announcement when they received the approval to drill but they provided a non-price sensitive announcement after the water discovery (5 million barrels of oil net to VEN is significant considering the market cap has been under $100 million)
Ann: Cervantes-1 oil exploration well, page-47
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Last
0.9¢ |
Change
-0.001(10.0%) |
Mkt cap ! $15.02M | |||
| Open | High | Low | Value | Volume |
| 1.0¢ | 1.0¢ | 0.9¢ | $14.05K | 1.528M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 4028985 | 0.9¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.0¢ | 3168084 | 6 |
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| Last trade - 12.36pm 30/09/2024 (20 minute delay) ? |
| VEN (ASX) Chart |