JRI Fireside chat with Scott Macmillan Tues. Nov 28 @ 9:00 Perth/12:00 Sydney, page-455

Correct, that's the approximate sum required for flow testing.

Either way, why assume it will be a capital raise? Even if it is, we should be in a position to attract a cornerstone.

The amount required is a pittance in the context of an official discovery. There are examples of loans being issued in these scenarios. Even if it is not a loan, we can issue equity to an African bank or even the Chinese (recent emphasis on investing in African energy); who are investing heavily in Zimbabwe infrastructure, manufacturing and mining developments.

I mentioned Afreximbank in my previous post. They primarily fund African oil and gas projects. They've started the process of creating an "African Energy Bank" in coordination with AAPO (African Petroleum Producers Organization). The bank will include the participation of 700 African banks and is designed to support the growth and development of oil/gas projects in Africa. Another option is the African Finance Corporation. There are many others.

These entities can acquire equity as a cornerstone investor and have long term exposure to a new basin and the market would view it far more favourably than the usual raise from Australian capital markets. Of course, the latter is quicker/easier for Scott to execute.