why cap raise?

I would love to hear a theory behind why anyone thinks that a cap raise is on the cards.

TSV has $2.6 million in cash
the admin costs are low and total cash burn is less than $500k

Going forward: from page 33 of the yearly financial report:

"Under the farm in agreement between Latent Petroleum and Alcoa of Australia, the Company will not be required to contribute against project expenditure to maintain its 10% interest until Alcoa has completed the budgeted work program for the first $40m on the project which covers the first 2 appraisal wells and 3D seismic survey. Following this milestone, the Company will be required to spend $9m of the next $60m to maintain its 10% interest."

TSV have one more well and 3d's covered.
TSV could go 5 years without needing cash.
By the time $9million is required - Warro will be declared commercial and be rerated.

The only possible reason to raise cash is a new venture - but I don't see that being included in these theories.