Ann: VEN: Operations update Odin-1 flow rates, page-10

The greatest unknown is what bucket the remediation work is being attributed to - i.e. are these one off costs being lumped in the production cost category? I think we'll need a couple of quarters of consistent production to get a feel for costs - not only the remediation cost component, but also to work out the fixed versus variable costs. For instance, we don't know whether we are paying a certain static fee or effectively a tolling price per gj. My gut feel is that there is a solid static component that will see the overall per gj cost reduce significantly as we scale up. The complicating factor is then the cost of rental equipment for Odin. A lot of variables and I suspect we won't be getting clear answers in this quarterly.