Ann: Change in substantial holding, page-10

I’ve done some calcs

Assumptions:

price for gas $12 per gj
70 percent field availability
Production rate or 5mmscf/d between Odin and Vali

Cashflow:

$4.274 million gross revenue

$2.135 million net to VEN

operating expenses last quarter were $1.307 million, let’s assume that expenses are the same, should be very little exploration expenses say $250k so let’s round up and say expenses for the quarter are $1.6 million

we should be cash flow positive of around $500k

Risks of these assumptions:

-Knowing VEN they would have blown money stupidly somewhere
-Gas rates have declined heavily and we are sitting at less than 5 mmscf/d
-availability has been less than 70 percent