From my take is that SM would not have a farm-in partner at any stage. He does not want any of profits to go outside of the company and it's shareholders.
My feelings are that he is more comfortable to raise the required cash internally from the shareholders and let us share the rewards rather than anyone else sucking the life out of us.
Just my thoughts
Ann: Mukuyu 1 & Sidetrack Well Results, Rig Secured for 12 months, page-448
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