IVZ Share Price, page-21379

I think a big problem is locking in long term funding. The discovery announcement should have boosted the share price but likely did not due to the obvious need for another capital raise. The company might barely have enough money for the flow test but even if they raise another $10m for flow test and 3D seismic, they will be back to broke afterwards and in need of more funds. For me personally, I'm already assuming the well will flow commercially based on the company's statements so official confirmation won't have too much effect on me but might for others.

For this reason, I'm thinking the next step is a JV prior to flow test to solve the funding requirements for the next year or so. The valuation of this JV agreement will determine the share price in the near term. I very well could be wrong though. There are some interesting quotes from the fireside chat as well as recent articles that make me think a JV is occurring in the near term. I'll see if I can put together a post sometime this weekend outlining the argument for a JV (mostly speculative). Some might balk at the idea of doing a JV prior to flow test but my reasoning is that if Scott is confident the well will flow, other entities should be able to look at the data and come to similar conclusions. Not having a successful flow test in hand will certainly negatively effect the terms of the JV deal, but the share price is so low atm that a JV deal would still likely be far superior to any capital raise.