Capital Raising, page-62

We will be using a modern and highly efficient new rig. I dont expect too many delays, at least regarding the drilling itself. The last SNE well went without any hitches, it was the multiple layered FAN that caused the delays. JP i think is currently working on the sister rig and has found it very good and efficient AFAIK.

I would much prefer raising after the first appraisal and a higher SP, it just makes sense if management are truly as confident as they are coming across, to reduce dilution. $30m is 10% dilution and thats no small amount of dilution. The main problems I can see occurring is deterioration of world markets which may cause a problem with finance when its most needed. Again if its as good as management are portraying, I think finance won't be a problem, it may even be an attractive place for investment money when other investments are more volatile and few and far between. I trust FAR management will be more aware of this than us and whatever they decide will be in the best interest for us all going forward.

Its also a case where these costs won't need to be paid straight away so again that will give us a cushion also. After first appraisal for me would be great.