If it is an opportunistic placing at minimal discount (20 or...

If it is an opportunistic placing at minimal discount (20 or 21c) then it will be less damaging than another 16c placement that reaks havoc.

Will wait and see, either way management need to ensure sufficient funds are in place to cover potential cost overuns during drilling and have something left is its a duster.

Given the strong prospects for Tarfaya and major interest in Morrocco I was disappointed they didn't manage to negotiate a fully funded well with GALP. That aside, management have known the timeline and funding requirements for this drill and should have organised funds when the SP was much higher. Instead they launched a costly merger attempt with JKA which while diversifying the asset base would have required even more $$ to be raised.