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Header "MOU-3 results above all pre-drill expectations "
Their View: "We are extremely encouraged by these results and are looking forward to the drilling of MOU-4 as well as the testing programme.
We reiterate our positive view of the stock and our 25p price target"
Given that they the May placing included funds for "the remaining long-lead well inventory items for MOU-4" it's probably no more than ~$1m required. I don't think they would be allowed kick off the drill if it wasn't fully-funded.
My guess is they are using the funds earmarked for testing (as others have also suggested) thereby deferring any raise until after MOU-4.
Or Lionel Hutz's business card:
https://www.reddit.com/r/TheSimpsons/comments/5fqnjp/no_money_down/