It’s all good progress. The drilling is a formality and gives rise to the production. It’s no point drilling something you know is there earlier if it costs money to cap.
Although capital raising is not required having a small one to boost the cash balance to allow for expansion would make sense. they should consider this and go to a couple sophisticated investors or just one. A 5% capital raise is small to not dent the shareholding but provides the backup.
so everything they can do is positive. They are acutely aware of time and they are pushing it to happen. With most things you rely on other people. Not many drilling rigs that sit idle and waiting.
There appears to be a seller who obviously has to sell and has some issues as you wouldn’t sell just yet. Looking at the volumes and activity it’s nearing the end of the sell.
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