What seems to be driving the share price is the FEAR of the need...

What seems to be driving the share price is the FEAR of the need to raise more capital to fix the problems at Vali 2 and 3 and / or drill Odin 2 .
No matter what the share price at the time of such a capital raise the capital raise would be at a lower price than the share price at that time .

If they are cash flow positive based on just Vali 1 and Odin 1 then they might be able to fund the remediation of Vali 2 and Vali 3 or even just one of those two wells would greatly help .
A GSA with a prepayment for Odin 1 gas supplied after the end of 2024 would greatly help solve their liquidity problem and get Odin 2 drilled .

Based on their in the ground gas reserves and their other exploration assets and their CO2 reserves they appear to be very undervalued .
However Cash is King .
I wonder if any other of the Cooper Basin players would be interested in VEN and MEL ( they are essentially in the same boat ) at their very low market valuations ?
The Cooper Basin has a history of the big fish eating the little fish .

The Market is very shy of investing in Energy companies while pouring billions into alternative energy production.
Gas in particular is a very necessary part of the Transition and production must be replaced by new reserves .
They recognise that in Europe but try convincing Bowen and his Green Party comrades that .

Imo the zero CO2 in 2050 is unlikely without some huge technology breakthroughs .
Wind and solar as the prime source of power with Hydrogen as the smoothing energy source just will not cut it .