Ann: VEN: Odin-1 Flow Test Update, page-13

Hi Cara,
This final, stabilised flowrate without any stimulation are very good news and the JVP now have reliable and meaningful information to make a high quality decision on completion design. We also have the added bonus now of being able to move some Odin 2C resources into 2P reserves.

At the Toolachee Formation level, the 4-way dip closure in Odin is about 6.5km². If there is any stratigraphic upside, this occur beyond the 4-way dip closed area of 6.5km² . In my view, the Odin test will not be able to determine if there is any stratigraphic upside since the 4-way dip closure is too larger. In my view, to see stratigraphic upside the field would have to be on production from years, not days, weeks or months. Now, if the JVP were to drill an appraisal well outside the 4-way dip closure at the Toolachee level and found gas, that would be a "big clue" to a stratigraphic upside.

A bit long winded...........

Kind regards OldGeo