Its inevitable, CR or a farm-down of sorts is coming at some...

Its inevitable, CR or a farm-down of sorts is coming at some point - I wouldn't necessarily discount the latter. Not particularly ugly, its just what listed small cap oil and gas companies do to grow - they need capital to grow. Here's something to read on the basics of finance and capital raising:

http://www.investopedia.com/walkthrough/corporate-finance/5/raising-capital/introduction.aspx

Here's something on investing in micro E&P companies, highlights the risk/reward proposition:

http://oilprice.com/Finance/investi...he-Most-of-your-Money-with-EP-Micro-Caps.html

Its interesting you focus in on cash/capital needs - thats an interesting angle. Most others were focussing on the ~350 BcF (net to CMT) 2C contingent resources in the Pandora field and the 2D seismic underway in PPL 437 (next door to Elevala and Tingu). Something interesting in this for everyone I guess....

Cheers