BodyistemplePerhaps you don't understand that if the company...

Bodyistemple
Perhaps you don't understand that if the company does not drill to a depth of 1500m by October 31st then they give up the Backreef (not Black Reef) oil lease.
So this is no grab for cash, this is funds for 2 highly prospective, high leverage wells that could return you several multiples on your investment. If they hit the medium assessed target and find oil then your shares will be worth more than $1.00. Wells don't drill themselves. If they did a JV with someone they might have had to give up too much equity in the project. OBL management have 2 projects here that could be worth many dollars per share but are worth nothing until they are drilled. Do some more reading. This company has a very small number of shares on issue so this dilution is not an issue in terms of the potential return.
Welcome to speculation in the oil business. It is fraught with danger and risk and you will lose money more than you win. That is the nature of the business. If you are not comfortable with it then invest in a term deposit.
R