I can understand a junior, in the last 12 months, not wanting to...

I can understand a junior, in the last 12 months, not wanting to go it alone in drilling a high-impact prospect without spreading the risk through a farm-out.

But a non-drilling junior runs the risk of becoming an irrelevancy... waiting for Godot. The natives get restless, and the share price goes nowhere because nothing is happening, whilst the rest of the market recovers...

Then someone comes along, eyes off the prospective ground, the low share price and the lack of drilling (perhaps even the company's estranged parent), and sees an opportunity to take the company over at a low price.

Juniors have to have a 'raison d'etre'. If they are not drilling, they don't have one.

Y