There is absolutely no good reason to farm-out at this stage....

There is absolutely no good reason to farm-out at this stage. Little value would be achieved because , as yet our proven reserve base is not sufficiently large, and all we would be doing is selling off 50%, or whatever, of our interest in a lot of low risk high reward prospects.
It may have been Eric's intent to take this small dilution now rather than give a farminee a deal of a lifetime at our expense.
Hoots, I believe that I read that the two largest shareholders are supporting the raising. presumably this is Coogee and Eric.
Using Hartleys is a new and welcome strategy. They have the investor base and know how to promote a company, which I might add, Eric has not been good at.
I see this as a positive step that will speed up production and not require us to give our assets away cheaply in a farm-out deal.
Meanwhile all the original highly attractive fundamentals are still there.