Ann: VEN: Operations update - Vali-2, page-7

Agree @slamdog buying at this level could be visionary or brutal!

One option is still either refinance or sort out the debt issue with KBC and hopefully get Odin 2 up and running. Plan A!

Anothther option is that MEL gets taken out/taken over and I'm curious as to what the value of MEL's assets are.

I am assuming the JV can convert Odin resources to reserves as they have previously announced.

MEL would then have roughly 9BCF 2P reserves (conventional) and already have 22 BCF (unconventional).

TEG over in the Perth basin have suggested if they can convert their 2C resources to reserves it will be worth around $2m/BCF. Its a number backed up by the WGO/Hancock and NWE/MIN transactions.

MEL's reserves are much smaller, not in the PB and most of the reserves are unconventional gas. Even so if the numbers were $1m/BCF for Odin and Vali was $0/BCF due to flow issues MEL's reserves are still worth more than the current MC.

IMO MEL is worth more than $9m in anything but a fire sale which makes buying at these prices tempting. What do others think? What value would you place on MEL's reserves? @OldGeo , @stumpytrunks , @boysi looking at you!