Peter Smith or is it Lorraine?Worth doing your research here and...

Peter Smith or is it Lorraine?

Worth doing your research here and understand that once the appropriate licences are granted, one would expect the JV with a noteable oil & gas major to be signed, seals & delivered. With Robert Willes in our corner who is experienced in such transactions, we would expect that the JV will fill the coffers of CEL with a decent cash injection and most likely provide a free ride until production. As to how much of our equity interest in the Karoo would need to be given up in the JV, well that's up to our CEO to negotiate.

IMO once licences are granted, the need for a capital raising stands at 0%. I would expect the capital structure of CEL to remain the same, with dilution to only occur at the asset equity level.