"Personally I doubt they will be able to let a drilling contract...

"Personally I doubt they will be able to let a drilling contract unless the drilling contractor is VERY sure they will be able to pay the bill. Unless they agree to pay upfont, that is"

Mate, what are you smoking? They have already got tenders in (that means they have got bids to drill for this propsect) - I'm sure you can ask ken how many days they are going to be drilling for and find out what the average drill rig charge out rate is in Europe, do your calculation and it most probz wont be more than $4M...

Also they have personnel dealing in Italy, Tanzania and UK - I'm sure that's clocking up quite a bit more admin fees than expected...

Anyway short term is the italy assets conformation - that would have some upside to the SP especially if you look at the Lempasuda permit which have massive prospects... Also they may get some conformation in the short term of what may happen with the expansion of the songo songo gas field...