My take on this is that the timeline to revenue will be too far off to avoid a capital raise. I might be wrong and I hope I am, but just can't see them running capital too thin approaching drilling and flow testing etc. I think they will CR before drilling and flow testing as that gives the carrot of potential higher returns to whoever runs the capital raise and hopefully a smaller discount. If they wait till after drilling and flow testing and the flow rates are not high enough the carrot has gone.
Ann: Voyager Development Update, page-8
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