mitch it’s clear vali is a write off and the payment structure...

mitch it’s clear vali is a write off and the payment structure is not as favourable as Odin so near term OPEX/CAPEX will be solely directed to Odin (better pricing, better share of revenue with no repayment, higher flow rates) VEN essentially admitted this in their release today.

If O2 is a failure the company is essentially insolvent, I expect if the other two JV partners want to push on with O3 they can they will just have to pay MELs share of the well I do not think this would be a great outcome for MEL.

yes MEL could save a couple of million but they could do that now by not participating in any wells going forward, the key issue is getting sufficient cashflow to pay the bills and allow further development drilling only O3 is unlikely to achieve these aims.

We are all waiting for MEL to respond the silence at the moment is unhelpful in light of everything that is going on next door.