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They don't know if they will need to raise any cash. They might of concluded a deal by then. Only the board now what stage they are at. If a farmout is agreed, then they will be funded.

LTT. There's only going to be a small cash call which Harry Dobson is likely to subscribe for 50% of, leaving shareholders with a limited open offer participation. A raise of £1.5m at current price of 3.5p is only 42m shares which is only 7% dilution. I would say Harry will take about 15m shares (£525k), which would only leave about 27m shares in an open offer for shareholders, which is 1 share for every 20 held, so pretty limiting. If farm-out talks are advanced, then Harry Dobson will take as many shares as he can. He is a billionaire.

Sea Lion requires more wells. The oil is waxy with lower production rates from the reservoirs. Costs are high although offset by shallower water. I worked out that Darwin with two production wells and an injector and FPSO, CAPEX/OPEX for first 2 years at Darwin is about $712m. At 25,000 barrels a day it has a breakeven of $43. At $80 a barrel it's about 25,000 x 330 days = 8,250,000 barrels at $80 = $660m revenue p.a. so payback of $712m is just over a year. After payback, OPEX is about $200m p.a with revenue of $660m, profit $460m p.a. which can be used to drill more wells.

edgar, nice, should be worth 50k by the time gas is flowing.

Late reported Trade. Definitely paying higher. 591,326 @ 1.085p and 586,202 @ 1.094p

This looks good for this week. 1.05 resistance broken this am and next resistance only at 1.15, there after 1.6p target. If that breaks then 1.75-2p. I think some seismic news can do it.

Thanks for those suggestions Harbour Energy and ARC Resources. Looking at their assets makes me realise just how material Darwin is. Harbour Energy have 2P reserves of 948m barrels across all their projects and ARC Resources 500m barrels across Canada. Darwin on it's own is 462m barrels, not to mention the 1.5B barrel potential on the other nearby prospects.

Anyone know of any other oil companies that like condensate fields?

They produce gas condensate in Canada, 500,000 bopd. Looking for high return infrastructure and liquids investment opportunities and accretive bolt on M&A. Only thing is they don't have offshore assets, only onshore.

Anyone want to speculate on who the partners are? This company has been mentioned.
Tourmaline Oil Corp

The two go hand in hand.

You also have to factor in the big buyers of stock here over the last few weeks and months. What they do is key to the sp. They won't be selling that's for sure. They've been buying in the 4's and 5's recently and 6's and 7's. No doubt they will be buying again.

The last time they chose to mention they were talking to potential partners was back in 2012 when they were in the process of agreeing commercial terms. Not saying they are discussing commercial terms now, however if they are advancing discussions with partners, it could mean that an outlined deal will be formalised by the time any cash raise is needed and a deal would be contingent on licences being extended which will need Borders to demonstrate it has enough cash. In that scenario, with a partner on scene, the raise would be lucrative for shareholders as was the last open offer. I guess a lot can happen in 3 months. This study will be a catalyst of sorts if the CAPEX and OPEX figures are low.

Gus. there's always some who want to frighten holders into selling so they can pick up shares on the cheap. Just have to put them in their place.

Here's some info on re-entering plugged and abandoned wells.
https://2hoffshore.com/blog/re-entering-old-wells-deal-fatigue/

Happy, A drill bit can go through concrete no problem. Many plugged and abandoned wells have been re-entered or reactivated, so long as you know the well design and the casing below. All oil exploration wells designed for exploration can be re-completed as a production well if it finds oil or gas regardless of whether it is suspended or plugged and abandoned. It's not a problem. Not sure where you get your info from Happy, but it's somewhat suspect.

Happy, I think you need to do more research. While a well maybe plugged and abandoned, this does not mean it cannot be re-entered. Generally all exploration wells are plugged and abandoned if they do not find any oil or gas. However, for an exploration well that does discover oil and gas, this can be completed as a production well, or in the case of Darwin, temporarily plugged and abandoned and then re-entered and re-completed as a producer or as a gas injector. It would mean drilling out the concrete plug and re-completing the well. As regards appraising Darwin, it is right to say that Darwin needs a second well to appraise the discovery, however with the 3D seismic and the simple nature of the tilted fault block at Darwin, it is clear that the 3D seismic is responding to hydrocarbon's and the Darwin well took samples of condensate oil and wet gas (LPG). The 462MMb has been confirmed as an independent resource estimate of recoverable condensate and LPG. Further drilling will define this resource into 2P reserves.

So drilling still on track for November. Only a 8 weeks away if end of November. It must mean CH1 is in the right location, which means they must have interpreted the 3D around the drill location. It must mean they have a rig. All this newsflow is yet to come. 8th October is a date to make a note of. Full 3D area will be completed by then. Shortly after news.

The study will bring in a whole host of other partner's who don't have the financial firepower but can afford the early phased production of two wells.

The timing of the release of the study report is important as it will have an affect on current talks with potential partners. They will want it released asap. I would have thought though that oil companies with offshore experience will know how to develop Darwin in the most cost effective way and will have their own preferred development strategy and budget. A large partner or consortium (2 partners) might want to go full field development straight away, as they can share the cost.