The quarterly will show actual production. What I'm saying is that the cashflow will be Dec-Feb. It's correct that VEN is not cashflow positive as their overhead costs are bloated. MEL, however, is cashflow positive - contrary to what you stated.
Its all a bit irrelevant really though. We all know that neither company can afford to not drill. The only question is how many wells (only one is committed) and after that how quickly they'll move from appraisal to development. This is appraisal and not many companies are cashflow positive at this stage. VEN have a different strategy to MEL, with VEN less worried about being cashflow positive at this stage.
Ann: Retail Entitlement Offer Information, page-21
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