They weren't focused on a cap raising in the past so not sure...

They weren't focused on a cap raising in the past so not sure why they would be now. I should think they should be able to resurrect the convertible loan note facility if the takeover fails (I hope so).

They should then be after an RBL for Aje, as they will reach FID prior to drilling and hence therefore they can book 2P reserves. (Can't get this financing in place until after FID)

I'm still so disappointed at the current share price, it seems illogical that the market can value companies on nothing (like TPT, like SWE) as they have nothing tangible (sure they have some great upside if frontier drilling is successful but bear in mind so do JKA - Somaliland?) yet if they get to FID by the end of the year or early in the new year, then they can book 2P reserves. 10.5m barrels of 2P at the current share price, equates to around $2.60-$2.70 / barrel with all of Hammermet / Bargou / Tanzania / Somaliland in for free.

Its a crazy price and I will continue to buy.