No They have plenty of cash take a look at the last qtrly...no cap raise here...
NSE may need many things but certainly a Cap raise is not one of them. Its the one of the primary reasons I invested in the stock in the 1st place... In fact it is criteria #1 for all my investments these days.
The only way they would need a cap raise was if the planned to do a substantial acquisition or an even more aggressive drill program than the current 3 wells program....Personally I think they have their hands full with what they already have.
Probability is 90% that its simply a JV on Merlinleigh ...
Perhaps the discussion should go on who the JV is with... Are their any other companies in a trading halt ??
Here a is a list of companies in Trading halt currently as I speak
