Ann: Two Wells Online as Vali-3 Commences Gas Production, page-33

The Market has been telling us for a while that the revenue from Valli and Odin may not be as lucrative as expected .
The present share prices I think makes both MEL and VEN fairly safe investments .
The fields would have to under perform by a wide margin to justify the present enterprise values of both businesses .

None the less I have halted buying , ( I thought that 1.9 c would be the bottom and bought plenty there ) as I have been badly bitten before by buying into situations that turned into Value traps .
I was expecting a share price kick on the news that gas was flowing to market .
That has not occurred and I don't know why .
The next quarterly will not tell us much , however the one after that will tell us a great deal .