I guess when someone invests in a pre-revenue explorer, capital...

I guess when someone invests in a pre-revenue explorer, capital raises and dilution is being taken into account. Dilution is normal and ok if there is a solid return. Diluting 10%, to raise $3.5M is worth it when that money is used to achieve an outcome that will add significant value to the business. In this case, with the money raised and used properly I'd like to see a formal announcement of commercial flows from the free gas section, which in turn should result into more specific production planning to generate early revenue. Capex for an early revenue project could probably be supported by non-equity sources.