Ann: Chairman's Address to Shareholders, page-25

IM not so sure about "they can not navigate the regulatory process without a major" .

I think it is entirely down to finances. they dont have the money to carry out the drilling at the moment, and they are limited in their ability to raise any cash having just completed a cap raise and with the amount of SOI. they cant go with debt because they have no revenue streams.

I imagine that they will rely on the oppies being converted to have enough cash to actually do the drilling. I am sure that they are now working hard to find someone to underwrite the oppies, but if they are not converted they simply have no other option but to JV with someone else.

there are advantages to this, it will reduce the risk (something not to be sneezed at with a company that is at absolute minimum 1.5 years from having any income) but will definitely be giving away some of the prize.