Ann: MEL Presentation - Good Oil and Gas Energy Conference, page-14

At 30 June MEL seemed to have 2.9 m cash and VEN 7 m but VEN has only 5.5 m they can use because of their loan covenant .
Not sure what debts they had then and the cash coming in is not all that much but they both look to be in about the same financial situation and the Market has been telling us that via the current share price .

VEN has double the share of the JV than MEL so double MEL's share of the costs .
They need to get all the wells they claim to be successes producing revenue before they spend money on anything else .

They are both in the same boat then why not make it official and they could drop some of ballast and sail a bit faster , lol .