Got to say, reading the announcement, my first instinct was that they might do a small capital raising soon.
Fraccing don't come cheap, and it it not wise to spend all the R&D cash (which they say will be used to fund the fraccing) and leave the cupboard completely bare. The other source of cash for the fraccing, they say, is the offtake agreements, but they are unlikely to be activated until after the fraccing and several months of flow rates.
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