Ann: Alameda 1 Independent Resources Assessment (Alameda Res), page-282

IMO I doubt they will need to go to shareholders for capital raising, they currently have $32 million in the bank and will get about another $18 million from the option conversions, they should then have about $40 million in the bank, minus MAY's costs of Alameda-1 and Zapato about $10 million, leaves about $30 million.
This will be more than enough to drill the first few shallow production wells on the Amistad oil zone, say cost of each well will be about $10 million maybe even less, as they are shallow and will be quick to drill. Say total cost of first 4 wells $40 million, MAY share (30%) $12 million. MAY's share of oil production could be generating over a million a week in gross revenue from just 4 production wells if they have half decent flow rates.
Once they have about 4 producing wells they will be earning a good cash flow which could then be used to finance further drilling and development.
Maybe get a line of credit from Macquarie Bank but I doubt they will need to use it.