London meeting., page-17

not sure why dilution, if it was to happen, should negatively affect some punters...
seeing that if it adds value to the company then there is no issue...
short-term traders and outright gamblers will obviously have a different view...

if they (88E BOD) are really confident of getting the minimum 80 (?) bopd or better yet the 100-150 bopd then they really should leave any further funding/fundraising activity until after successful ICE2 results...

however if they are not so confident of a resounding success case at ICE2 then they really should exercise prudent risk management and raise a substantial part of the next drill costs before ICE2 results...


having said all that...
they do seem to be very very bullish with the activities to date, so it does appear that they (internally at least) are perhaps leaning more towards being very confident of resounding ICE2 success, rather than the failure potential...