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Mowibble
You would think they'd get a better farmin deal after a successful well re entry, and, as you suggest, options cash could start flowing in once they're in the money.

However, success at NWZ2, although low risk, is not guaranteed.
They also have USD3.5mil debt from the purchase of Block 31 although I'm told the lenders are quite supportive.

The debt and risk of failure at NWZ2 may push them to raise "some" funds (farmin/debt/cap raising) prior to the well re entry. This would be prudent on their part.

Just to confuse things a bit more, a prospective lender/farminee might want to see the well re enrty results before committing funds, or , alternatively, they might secure a foothold now while its cheap, with options built into the deal to increase funding/stake upon NWZ2 success.

Hopefully the quarterly will give us a better idea of which funding route they will take.