The issue is VEN have no money… these wells haven’t been what they thought… in a perfect world there would be opportunities to try different types of mechanical or chemical treatments. Unfortunately VEN do not have the luxury of money or time. Management have been extremely good at torching shareholder funds.
They should have taken the Odin-3 money and gone looking for oil….
As I have stated previously, one of the biggest cash burn rates for a company of their size on the ASX… stupid money on wages, a reduction in headcount should have happened over a year ago… the GLL sham should never have happened..
Unfortunately, the only way out is new management, consolidation, raise more capital, and more drilling in their other permits… vultures will be out looking to take the assets…
All in all just a major lack of respect by management to shareholders… they know what they are doing
VEN Price at posting:
0.5¢ Sentiment: None Disclosure: Held
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