Ann: Investor Presentation - September 2019, page-26

The anxiety over funding has certainly taken the shine off an excellent farmout deal. Also given that Investor presentations are often followed by capital raises within 3 weeks, its understandable.
Clearly 88e cannot function without funds, but my question is how much is needed before the results of Charlie 1 appraisal well are known. On success this will be a decent rerate, Premier have currently valued their untested share of the 1.6 BBO being appraised at 3 cents/barrel. Success should see this move to at least 30c
Most of the work needed to get deal ready on all projects is done, so cash outflow can now be minimised, pending Charlie 1. And so minimising capital raising needs, if any. A small raise would be much more acceptable at this point, it gives more options, such as the institutional placement of 2016 completed at no discount to market price.
In the end its the companies job to stay liquid, at minimal dilution, in order to maximise the value of its assets. Charlie 1 looks like an inflection point worth the risk of arriving at with a low cash reserve.