Yes, they were free carried for Drilling the Exploration wells -...

Yes, they were free carried for Drilling the Exploration wells - NOT the Appraisal which followed. And prior to the wells, they had circa $10M cash.

If you did bother to check, they did raise $22M Canadian dollars.

As far as attracting JV partners - that is EXACTLY what you do, if you have the "GOOD PROSPECT".

Just ask FAR investors on this forum how FAR got COP to fund two drills off the coast of Senegal, and hit the jackpot; and the resultant rise in their Share Price.

That was the point. Thousands of Explorers try find some big player to fund their drills - at least the first 2 wells. That is the MO in this business.

Very few ever go it alone - especially for an Explorer with little to No Money (like IVZ).

If you understand O&G exploration, you should know these ventures are extremely costly with high risks - you are drilling 3 to 4km down on the hope that you will hit the Jackpot.

A Jackpot hit - ie. a commercial discovery, and they know almost instantaneous (based on scientific data), means Lamborghinis. Just ask former FAR shareholders on this forum what its like to hit the Jackpot.

An inconclusive result means more capital raising, more seismic and more wildcat drilling. And the Share Price keeps falling, not rising.

And that is the situation with IVZ - its got two inconclusive results from 2 drills, costing over $100M.

Now, it needs more money to conduct more Seismic and drill more wildcats.

But investors don't have the appetite to risk more of their money. Even the Directors of the company didn't buy into the CR or the Shortfall!!!

Unfortunately, that is the nature of this sector. Each year, thousands of Explorers try their luck (most of the time with a big JV partner), but only very few ever HIT THE JACKPOT.