Ann: Share Purchase Plan Oversubscribed, page-94

Looking back at the Aug 22 announcement (i.e. $25m placement)

Use of funds
Proceeds from the Placement will be used to fund the drilling program for the Mukuyu-1
well, testing the Central Fairway play, and Baobab-1, which will test the Basin Margin play:
• Mukuyu-1 Well - $10.0m
• Baobab-1 Well - $13.5m
• Costs of the Offer - $1.5m

Reuters reported $16m following the interview with Chimbodza, while the total cost might have been higher which included lead items and rig. I remember from one of Scotty's interviews that MK2 should be an easier well to drill (potentially straight down) and would also cost less. So they have raised $22.7m + give or take $3m from quarterly cash flow.

It could be that they should be covered for the drill given the drill is warm stacked and if they strike a deal with the service provider for multiple wells that might reduce the upfront cost. Thoughts?