All raises have been done at premiums, mostly with management and directors - UPL are sitting on £5-10m cash with tiny overheads and won't need to tap the market for cash any time soon.
They have $100m financing lined up as we know with Bruners Lost Soldier so we are funded to "drill baby drill" when the PSCs start to land. Some of these licences have discoveries already on them as contingent oil is mentioned. Therefore this could be producing from some of the assets as soon as this year (lost soldier stake aside).
If you can't take the heat get out of the kitchen... directors taking over £1m at a huge premium (3.5p) tells the savvy all they need to know.
They will deliver when they deliver and if you don’t like that then sell up and move on as someone else will be happy to take your shares :)
Give it till end of June and see where we are - I’d expect one or two of these licences we’ve been given to land. Sole bidder so just a case of due process