A placement would make good sense, but could also see significant dilution. having said that, form an operational perspective a farm out would essentially be diluting the company too. I find it interesting that OEL were scrambling this morning - clearly the content wasn't jointly put together. The vibe of the presentation was very upbeat, so I think you're on the ball with the 95% stitched up comment. Not a huge fan of a company assuming success for an undrilled well (#2) but can't really blame them at this point.
All in all, there is significant upside potential from January - big question is how it will be done.
BYE Price at posting:
10.0¢ Sentiment: None Disclosure: Not Held
