Ann: Share Purchase Plan Oversubscribed, page-98

Question now is, given they have ~ 25 million do they farm down or raise a bit more later on?
The other question is we don't know what mobilisation costs were or how much gear they have left over. We could potentially be fully funded for Mk2.

I think the PPSA will determine what happens.
No PPSA and drill Mk2 alone.
PPSA done and a farm in almost certainly IMO, which would bring in substantial cash, enough to see us through half a dozen wells paying 55%.
I think SM learnt a lesson last time round, don't wait until the last minute to raise a whole heap. I personally am very happy we have raised the majority up front. Puts pressure on farm in potentials and it ensures no repeat of the 1 for 1 deal last time they raised in a hurry.