Ann: 7-Fold increase in Permit & Sovereign Wealth Fund Agreement, page-270

That possibility won't evaporate even with a discovery.
Fact is IF IVZ drill a duster the sp will be whacked big time and the new lease area will be tarred with that brush....BUT IF they were to make a discovery the new extra lease area will be very valuable.

Our MC is ~ 130 million.
Raising 35 million would be well and truly within the companies reach.
Any farm in now for 25% WI would need to be valued at 32.5 million....basically 100% of drilling costs.
I can't see that happening.
The higher our MC the less likely a farm in is IMO as the see through value climbs with it and anything much less will be viewed dimly by the market.
I suspect there are those sitting on the fence waiting for either a farm in, which would likely be for less than value of 25% WI, we saw how the market reacted to that last time, or waiting for a CR.
The left field event could be a cornerstone investor.