Ann: Milestone Cooperation and Offtake Agreement, page-14

They’re funded for the pilot wells through tpd’s commitment to jv, they also scored an extra $1mil from tpd due to the larger than expected 1.2tcf. So that will keep them rolling a bit longer.

They will need to cap raise in the not too distant future especially for any further exploration, but with the pilot drill about to start spinning I think they’ll hold off as long as possible.

other two major catalysts prior to cap raise would be petro china still sniffing around, they’re keeping their cards close but could well end up wanting in prior to pilot results pushing sp higher.

Also TPD seem to be looking into selling in their 33% with a few groups reported to be interested.


Any of the above events being triggered you imagine a reasonable rerate on sp especially prior to a cap raise.

Just my opinion