All very logical. Invictus has the capability to raise this money themselves and has everything needed. What is a farm-in partner actually adding apart from money? As 7Seven7 states Invictus has everything else to complete the 2 wells and if they are both dusters, then our shares are essentially worthless anyway.
We will need partners if we find gas and oil post discovery. Then we will need them to raise money. If we sell too much of the future potential now, we will as shareholders be worse off down the track, when we really will have to get others on board to fund development. I am sure Scott is thinking of this as a series of game theory exercise where one scenario is to farm in and another scenario is to raise the money ourselves.
I believe the chances of success is higher than 10%, and the "prize" if successful could be multi billions of dollars, so I am prepared to put up additional funds for a Rights issue. A 1:5 Rights issue will Raise $20-25 million and dilute those not taking up the issue by about 20%. So the Farm in deal must be the same or better. That is fund the 2 wells for about 20%. I favour a Renounceable Rights Issue, but an alternative suggested by 7Seven7 of Cluff underwriting the Rights issue also works for me.
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