Ann: Operations Update - Winx-1 Spud on Schedule, page-22

Should we agree any soft CR suggests FO progress is lagging?

IMO, a CR now or prior to Winx results, and in the face of what the market is saying in terms of price and volume, is a sign of concern. Even though the BoD has form in being risk averse and raising pre-drill....they have already done that for this drill. Double dipping in this context will (rightly or wrongly) be read as a signal for trouble, IMO.

Can't see it happening.

Funds will be needed, post Winx even in the success scenario, and perhaps even if a good FO is struck, unless immediate upfront cash contributions are part of the deal.  So I'm expecting one in Q2....I just don't know under what context.