3.4m - they have not raised enough money.
They do no know where the source rocks are, proximal or distal, or at what depth.
They will need more funds in drilling expensive in Canada to risk basis hit the source rocks.
Hence probability is weighted to a miss on the first drill. That will lead to a collapse in the sp.
They should have raised 10m or more, so that they had the scope to keep drilling until they have a higher spread chance to hunt the source rocks down.
GLTA
3.4m - they have not raised enough money.They do no know where...
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