Ann: 7-Fold increase in Permit & Sovereign Wealth Fund Agreement, page-175

Don't really want to discuss other stocks too much in this thread but to answer your question, it's the other one in my signature. I sold off MAY to add to what I took in the recent raise for AAU - am now comfortably in the T20. It's not an oil and gas play but it's one with a top tier management team that I am happy to watch play out for 3-5 years.

Yeah this is what I think is ideal.... if we raise the $30M odd ourselves but have $10-15M to a new cornerstone investor. Be it Cluff, our UAE mystery friends or some other entity. And the other $15-$20M can be raised through existing holders or sophs/insto. This way we take some dilution for shareholders now (20% odd based on a raise at 20c) but don't lose any % ownership of the project - saving any farm-out for if we are successful with the 2 well program and are valued in the high hundreds of millions or even in to the billions.

The alternative is to farm-out 25-30% to Cluff or another party now... but you'd want at least 100% of the $30M costs covered in this case for it to be competitive with a cap raise for shareholder value.... Otherwise if for example Cluff contribute $20M for 25%.... we still need to raise another $10M so we as shareholders get diluted at the project level and again at the company level.

In the end and as much as I am not a fan, I think IVZ will go with a slightly improved offer from Cluff. At least if this happens we are secured for funding and the SP can start to run in to the drill.