I think we all knew that they had significant downtime this quarter and that everything has always been about O2. Even using a conservative $12gj price for Odin sees them significantly cashflow positive going forward, provided the decline between coming online and the last update arrests.
Im not pretending that I'm happy with how it has all played out, but there should be a solid period of cashflow positivity going forward. 5mmmcfd with 20% impurity, $14 gas price and 70% uptime gives 930k revenue per quarter for Odin. Add in Vali and it likely around 400k net cashflow positive. Factor in a bit of undrawn debt/a rejigged debt package and there are forward options.
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