My point was that even with a good FO and a successful Winx...

My point was that even with a good FO and a successful Winx drill, cash is still important. The bigger picture should be the main driver of interest. If an FO includes an immediate upfront cash payment from the farminee, then all good, but that may not be the case. Which would not negate it still being considered a good FO. IMO. As an FO allows us to start unlocking the IW acreage and creaming that fabled curve.  Likewise, Winx success may take some time to monetize. So cash is king. Particularly if further work is required on the pathway to monetisation. But even if not, as overheads exist, acreage leases to be paid, interest to be serviced etc etc. 

So, in that circumstance, where do we get the necessary cash to keep things ticking? Perhaps SOA will clear its debts to us and we do have a couple of million surplus after loans paid off (IIRC). Perhaps we will have formal, independently assessed PUD reserve status, but debt against this can (typically) only be raised for directly related development work. We know we aren’t producing, so no sources of free cash flow there. It just feels like shareholders may need to dip into pockets again, even in a very strong success scenario.  That said raising at 6 or 8 cents with a proven Winx and a good FO under our belt is a far cry from raising at between 1 and 2 cents with a dry Winx and no FO.

All IMO.  GLTA..