I agree that at this stage this is pretty much all TSV have. (...

I agree that at this stage this is pretty much all TSV have. ( Not a bad thing to have though! )

As for the future expenditure, they are free carried for the next two wells after this first one. If they are all successful and commercially viable we'd be looking at a share price well over 10c.... just has to be.
Now my understanding of a raising is yes, they dilute a stock and often cause a drop in the share price but this is usually when the raise has no operational value other than supporting cash burn. TSV's raise would be funding the next round of wells having a positive effect on production generating more operational revenue. A later raise for these purposes wouldn't require huge dilution as the share price would be much higher and it could possibly increase the share price because it would secure the next stages of the field which ultimately will return significant profits back to the company.
Just my opinion but i'd suggest its not too far from the truth.
Happy to hear others comments.
Cheers