Ann: Investor Presentation, page-72

Not sure I understand,
Exalo and owners are drilling / rig contractors and not a typical firm that would assist us with development , we have the rig onsite for atleast 12 more months so no issue there,

any farm in will dilute us shareholders which will also happen in a CR, it just a matter of commercial terms and how much we give away.

The most favourable way would be for us to have a rerate of a catalyst (e.g. PPSA signed, excellent lab results etc). Then do a CR at a much higher price point thus giving away less.

If i were in SM shoes, if would go alone like MK1 (SM seemed confident enough from yesterdays webinar),

1. Prove up a discovery and then its a very different commercial arrangement, the sheer potential on an commercial discovery in an untapped basin will be transformational for us, company and country.
2. Open negotiations on terms favourable to us now

Wishful thinking but I dare to dream