RE: Placing22 Oct 2022 13:28
From the RNS dated 29th April,
"The Directors anticipate the following indicative use of funds, based on the net Fundraising proceeds of approximately £1.5 million.
Approximately 55% of the net proceeds of the Fundraising will be applied towards activities in relation to the Company's TL-SO-19-16 PSC ("Chuditch") project and will include:
· Maximisation of the value of the reprocessing and interpretation of the 3D seismic data
· A Chuditch development scenario and cost study
· Continuing the Company's farmout campaign, including participation in multiple oil & gas forums and conferences
· Ongoing support for the Dili office which is now fully operational
· Desktop environmental baseline studies in preparation for a drilling campaign"
According to the RNS funds are expected to last until the Farm out
The whole purpose of farm out will be bringing in funds.