The wording from the announcement says "Funds raised will be invested in Mukuyu-2 well test, Mukuyu 3D seismic preparation and long leads items for next well drilling campaign at Cabora Bassa project" - It does not indicate that any of these are fully funded (in fact it specifically states the funds will only get us prepared for 3D seismic, not the full execution and processing, along with ordering of long leads). Hence they are definitely going to need more money (at least $15-20 million I imagine, possibly more to drill another well). The question is where they get that money from.
IVZ Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
