I think the big thing to remember is that a capital raising was...

I think the big thing to remember is that a capital raising was also VEN's way of getting rid of KBC. Not so much that they couldn't get debt, but that they didn't want to. I don't see how VEN being fully funded has z bearing on whether MEL attains debt. Got to remember that MEL currently only has $3m debt, down from a $5m facility, and that VEN has $10m. Plenty of wiggle room for MEL if they choose.

I'm also not so sure about O3. If O2 is successful then they are comfortably cashflow positive and the highest impact drill might be an oil play, which is suddenly being mentioned. O3 also not yet JV approved.