You can't turn what is essentially a micro-cap stock into a successful oil and gas producer without SOME dilution....either dilution through issuing more shares, or dilution of your lease interests (farm-out).
I don't have any hang-ups about placements to instos / SIs, if it is handled properly (ie through a genuinely supportive intermediary who helps steer the new shares into somewhat 'sticky' hands).
The real test for me is the placement price.
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