There won't be any placement/raising They'd never raise the...

There won't be any placement/raising They'd never raise the cash, never mind management know they're too exposed to a potential bad result in this environment without a farm out. If oil was still at $100 they would be going it alone and taking the risk. It's not, so they won't. I've had it confirmed.

It's why the convertible note was set up to dilute as little as possible until they farm out. If they can't farm out on good terms it will likely be flogged off.

Worst case scenario will be a merger and you don't want 1 for 1 with Otto or something similar cause you'll never see 20 cents again.