Ann: Quarterly Report and Appendix 5B, page-54

This is spot on.

WGO needs a news flow in order to raise. Which puts a hard deadline on any raising to before FID. As afterwards, it'll go to sleep until phase 2 (or if something happens with Spain).

They'd need:
- Phase 1: $75m
- 3 years of corporate: $10m
- El Romeral: $?
- WE-3 recompletion costs: Raise now or raise when required?

Phase 1 would be offset by debt, but we don't know how much yet.
Nonetheless, it'd be prudent to have a cash buffer beyond what's required (i.e. if the banks are willing to lend $50m, then they should have more than $25m just in case).

They'll probably have to raise to their 15% limit.

As for timing, I'd say just before flow test of WE-5.
You wouldn't want to raise around now as the STX CR would put a cap on STX shareprice (Also a soph investor who hasn't sold out of STX yet won't have as much cash for a WGO CR).
In addition, they'd know how much the banks are willing to lend by then.