MST Access Broker Coverage from 25Mar2021, page-2

"A scaled down exploitation programme, funded by cash, with 1 or 2 wells to be drilled in 2021 and deferring the
other 2-3 wells until 2022/ 2023
• A higher level of exploration with 2-3 wells funded by cash and a small capital raising
• Proceed wit the full exploration programme as planned funded by cash, increase in debt and a larger capital
raising".
May be the market is factoring in the above scenario, (capital raising), if no farm out is successful.

"Base-Case Valuation of A$0.27 – Further Upside from Farm-Out and Exploration"

I would have thought management would be loading up,lol.