I would doubt it. A capital raising will need to happen after...

I would doubt it. A capital raising will need to happen after the first drill IMO, as further drills cost money.

It's a massive, massive gamble. If the first drill strikes oil, then sure, happy days, but if not...huge dilution to raise more funds.

IMO the safest bet is to remain 'out' until either 20c, or until an oil strike is made. Sure, once they've hit oil you won't see as big profits percentage-wise, but it will at least be safer.

The Georgia blocks have 2bn barrels potential according to the seismics. We're drilling for 150mmbls of that with this up and coming drill. If you get in after the drill results, there's still another 1.85 billion barrels to drill for, plus of course the multi-billion prospects in Puntland, so still a very high return. The different is the cash flow, derisking of the area, and proper assets on the book will make the company a much safer bet.

I would expect a sell down to 20c when spudding is approached as investors will have made good money (from 10c-25c currently, so 150% gains in a few months) and will be banking that profit or at least taking their original stake out.

All IMO, and DYOR.