Can't see a capital raising. They have a good cash balance and extra drilling (from what they already are doing) isn't likely to add much value at this point.
If some bigger names want to get themselves set for a takeover good luck to them but I doubt management would just dilute to help them get on board. One benefit of having the MD (and founder) with most of his wealth tied up in the company is that his interests are similar to the rest of shareholders.
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