In light of how the assets have performed and the state of the...

In light of how the assets have performed and the state of the VEN balance sheet I cannot see them obtaining any more debt on similar terms (would love to be proven wrong).

this being said I think it’s clear the JV will push on and drill two Odin wells when the rig is mobilised I expect management will be thinking about their own jobs as well so will want two seperate swings at the fence.

If they take on further debt and 02 is a dud it will be lights out - significant dilution now appears the only viable way forward. How people think MEL will be able to pull off a debt solution when VEN couldn’t ……

also going through the VEN preso I couldn’t see any funds were set aside to upgrade the fibrespar ‘temp’ solution it appears as though no need to build a more permanent solution unless they find decent gas and it doesn’t decline like O1 has ….

plenty of unanswered questions which hopefully MEL will answer if they come cap in hand to shareholders