Ann: 7-Fold increase in Permit & Sovereign Wealth Fund Agreement, page-205

The problem we have at the moment is our MC.
Any deal will be looked at through the prism of the value that deal represents.
For example CEA would need to fund ALL drilling costs the full 35 million for 25% to match our current MC.
At 18c we would need to issue ~ 195 million shares out of 667 about 29%.
So doing an 18c cr for the total amount would only be 4% more dilutive as we keep the 25% WI.

That completely discounts the over 10 million bucks in in the money options out there.
If we could get sat 4-5 million of those converted, I have been thinking of converting mine...good time to help the company out and limit dilution, we might only need ~ 30 million which would be exactly 25% dilution.
It seems to me that it would be absolutely insanity to farm down for ~ 4% extra dilution at 18c, in go it alone, versus the loss of 25% WI.....and that assumes they cough up 35 million which I think is not very likely.

No matter which way you slice it the higher our MC goes the less dilutive any raise will be and as you can see from the above common sense would say raise raise raise and keep the WI.....the result will be the same if the wells are dusters even if we had the bank of England behind us.