RE: More acres?20 Nov 2018 10:55
RNS 8 November said:
"The net proceeds of the Placing are intended to be used, together with the Company's existing cash reserves, to fund the Company's ongoing evaluation of the conventional and unconventional prospectivity of existing assets, including drilling of the upcoming Winx-1 exploration well in Q12019, and to enable it to identify and exploit new opportunities on the North Slope of Alaska.
Specifically, the net proceeds will be applied towards:
1. drilling and/or production testing, if appropriate, at the upcoming Winx-1 exploration well;
2. ongoing lease rental payments to maintain the current lease portfolio in good standing;
3. the continued evaluation of geological potential across the asset portfolio;
4. funding interest payments on the Company's debt facility which, as announced on 26 March 2018, was recently refinanced with Bank of America and subsequently assigned to FCS Advisors, LLC (trading as Brevet Capital Advisors); and
5. financing the Company's ongoing working capital requirements and provide capital for any additional growth initiatives.
So items 3 and 5 could cover the new leases if any