I may be wrong but I don't believe Cygnet sold their entire...

I may be wrong but I don't believe Cygnet sold their entire position, if they did I would disappointed. I'd originally applied a discount to IVZ for sovereign risk however the fact the MD has met with Mnagagwa and the hyperbole coming out of Zimbabwean media suggest this may be lower probability than I suspect and that the government genuinely needs/wants this to succeed. Also McMillan impresses me with his knowledge and passion for the project and the region, appears very technically sound and the low cash burn in the latest 4c and the structuring of his performance rights indicates he is in this for the long term. I'd also speculate that if they weren't confident of a significant resource estimate that they would not meet with the President nor schedule the UK roadshow for after the announcement.

At the end of the day, its still the high risk/ high reward business of O&G exploration, but there are a couple of softer signals and information that have me quietly confident.

Also agree with your comment about compliance shells, although just want to add to that. I'd say there was just a flood of compliance shells and it has become significantly more difficult for a decent acquisition as there are only so many "quality assets"out there.