Text from Q&A session of conference7 Jun 2018 10:30
1. Hi Larry, I want to know whether you can rule out any equity raise before the next drilling:
To undertake an equity raise, we need a use of funds. We don�t see a use of funds over and above it is what we�re doing so, we have no plans to do an equity raise before the spudding of the next well.
2. What about the farm out negotiations, how far are you in those? How far are you in farming out?
Okay what we�ve done is we�ve got two data rooms open, we�ve reopened the Namibia data room and that�s now open to non-operators. Prior to raising the equity funds in March we were engaging solely with operators, deepwater operators, which is a small and limited group and we had interesting and material discussions with that group. What we�ve now done, we are operating the well and it�s going ahead, we�ve opened up the data room to non-operators and they�re coming through the data room. Similarly with Brazil, we�ve opened up the data room but it�s a process that we�ve just opened and now we�re getting companies coming in. In terms of both we have attendees coming in for both data rooms and conversations are on-going. Clearly those conversations are confidential and can�t specifically speak about them, it�s our intention to announce any developments as they progress within those discussions.
3. Are you still in the marketing process of farming out or are you in current negotiations with potential partners in regards to farming out?
We�ve got discussions going on in both Namibia and in Brazil with potential partners.
4. Can you elaborate on the new ventures? Do you have anything in mind at the moment?
Yes we�ve got an application outstanding in a country and we�re in a process of seeing where we go to with the commercial terms. Undertaking these things it is clearly important that we expose ourselves to the appropriate prize and success case so we are looking to make sure that we get the right terms and conditions and if we get them, we will announce it and if we don�t get them then we will denounce it.
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