Ann: 7-Fold increase in Permit & Sovereign Wealth Fund Agreement, page-271

Care to name a few of these many minnows you appear to know of with elephant scale targets who have a market cap allowing them to reasonably self fund their exploration program? So you can compare with all the other minnows you know of, for reference and allowing for cash IVZ already have in hand, IVZ can self fund a 2 well explo program likely targetting >10 Tcf + 500 MMstb liquids for an additional dilution of around 20% of its current market cap (if we assume $35M for the 2 well program).

...Even a player like PCL who has an explo target at massive scale and in an extremely hot area offshore Namibia with 2 recent big discoveries nearby has a market cap of just $60M odd... and that's after its share price has recently doubled too. Good luck raising funds to drill a deep offshore well with a market cap of just $60M. In their case, unless the market shoots their share price up much further, they have no choice but to farm-out interest in the project to pay for an exploration well. To reasonably raise $60-80M odd to drill that well they'd need a market cap >$400M...

Please do share all the others you know of who are in a similar position to IVZ and with the option to self fund, I'm genuinely curious to know if you are well researched or just full of sh*t.

In the end let's just hope IVZ management take the least dilutive option for shareholders.