The programs they are looking at pursuing, is going to cost a lot more than $16.5M (the current raise).
The upcoming working program includes a well test at Mukuyu-2, preparation for 3D seismic over the Mukuyu gas field and preparing long lead items for anew high impact exploration well, the location of which will be determined following full interpretation of the acquired CB23 infill seismic survey program.
These tests are going to cost Big Bucks - at least USD $50M - especially if they pursue another Exploration well.
Currently, there is NOT enough $$$$$$ to complete these programs.
Either they raise again from SI and Institutions or a JV partner buys in.
Looks like there is still a long way to go, before any commercialization (if at all).
IVZ media thread, page-6167
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