Ann: Capital Raising Presentation, page-17

I think they can do both. They had $3m of cash at quarter end, with low overheads...so need probably $1.5m of the cap raising proceeds to get Cervantes drilled. That leaves $3.5m. Vali prepayment will cover most of Vali costs, but factor in $1.5m as contingency. That leaves $2m. That's enough for Kinta seismic and admin costs to first production, with the balance and future cashflow then able to pay for a Kinta well. When Vali is producing they'll have 1P reserves, which would then be collateral for a development loan for Kinta/Odin; which on success would see greater cashflow and quantum of exploration/development capital and divis.

All easy on paper...