A farm in proposal has two main sides to it. A de-risk in funds...

A farm in proposal has two main sides to it. A de-risk in funds at a percentage for a reduction in reward upon commercial strike.
That said, the current data suggests oil in the fields as you say yet the current balance sheet states not enough funding for the proposed drill to go it alone...,
So, at current SP a raise should suffice enough at a 1:1 for the drill, at the expense of dilution (from 200mil to 400mil registry.
A farm in on IPB stated conditions would mean no dilution yet drill money available at the expense of a percentage loss (shared) from the 100% current ownership.
Very touchy and debatable topic (dilution), yet IMO a great leverage currently exists for holders and either decision by management and board would be to its shareholders advantage.
Lots going on behind the scenes, time will tell the outcome.
Hold on tight holders, enjoy the ride.