Ann: Trading Halt, page-95

Bull Case - we have a service operator ready to go and needed to raise funds immediately for spud. $30-$35 million in the bank now allows us enough time to spud MK2 and Baobab-1. Going solo prior to farm-in/partner allows for much better terms on our end

Bear Case - PPSA not close at all and farm-in opps were low ball. Core logs didn't show what we were hoping for and company raising cash before SP falls.


My thinking - going solo again gives us a much better long term payoff with dilution less impactful than selling WI%. Two wells, MK2 and Baobab, before we go back to partnering discussions and hopefully there's a discovery announced for Mukuyu and at the least strong results for the basin margin. Would be good for SM to outlay the company's plans now after 3 cap raises and no real new information.