Not sure I understand,
Exalo and owners are drilling / rig contractors and not a typical firm that would assist us with development , we have the rig onsite for atleast 12 more months so no issue there,
any farm in will dilute us shareholders which will also happen in a CR, it just a matter of commercial terms and how much we give away.
The most favourable way would be for us to have a rerate of a catalyst (e.g. PPSA signed, excellent lab results etc). Then do a CR at a much higher price point thus giving away less.
If i were in SM shoes, if would go alone like MK1 (SM seemed confident enough from yesterdays webinar),
- Prove up a discovery and then its a very different commercial arrangement, the sheer potential on an commercial discovery in an untapped basin will be transformational for us, company and country.
- Open negotiations on terms favourable to us now
Wishful thinking but I dare to dream
