Advanced: as I recall, the phrase used was in relation to the...

Advanced: as I recall, the phrase used was in relation to the process of securing a funding partner for Shallow.
What happens by late Q3? The Deep strategic partner selection process recommences following Shallow drilling, by which I interpret to mean once initial results are known at the least.
The main thrust of what he was explaining was not so much when things would occur, but why it was this way round rather than immediately launching into the Deep partner selection on the back of today’s news. He needs to know if Shallow is going to fly, so he can extract the optimum deal for us and not sell us down the river.
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