clearly it is all over @boysy1 which explains why MEL is up 25% today. (although probably back to .004 tomorrow)
Dissapointing they didn't break even. Probabaly more dissappointing though that the operator has taken all this time to finally address the scale issue. They spent the back half of last year chasing unicorns with GLL instead.
Yes, VEN is raising but they are back to their old tricks. They are raising funds for capital works that are not even approved by the JV! Remember their raise last year to drill Odin 2 and 3?
Glennon have shown on multiple occasions last year that they will advance funding to keep MEL operating and given their exposure IMO they will keep drip feeding MEL funding.
Of VEN's $2.1m raise only $1.1m is allocated to capital works ($0.4 is allocated to Odin and $0.7 to Vali) My guess is that Glennon will advance the funds for Odin ($0.2m MEL exposure) but not Vali. Vali is a waste of time, it is just a cost recovery excercise.
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