Well said @stumpytrunks. The JV needs to get a proper handle on...

Well said @stumpytrunks.

The JV needs to get a proper handle on Vali, deal with the reduced flow at O1, upgrade the Odin- Vali connection, upgrade Odin resources to reserves and drill O2. There is plenty to do before O3 should even be considered.

While I get that there are cost savings drilling O2/3 at the same time VEN can't force the issue unless either MEL or Bridgeport agree. It doesn't matter how good O3 might be, unless the JV can deal with O1 and Vali and get some better production numbers the JV will fail. Get some success from O2, remedy Vali and O1 then lets talk about O3.

@boysy1 I am always interested in your views and you have put great numbers up in the past. It was only 2-3 months ago we were debating whether MEL might be cashflow positive on the back of O1. In all the debate about timing of drills, number of drills and CR and debt the big issue that isn't being addressed is what the hell has happened to O1? Realistically the JV has drilled 4 holes and is currently sitting 0-4. Why would we be tipping in money to drill more failures?

@stumpytrunks said it far better but if O2 is another dud it's over anyway and I would rather lose less money than more to find that out.