"RN would be better off to do a creeping JV with one of the majors. There is no shortage of $$ out there. We would be better off with a piece going to an operator (eg a Western Areas) than get pushed into more expensive money. Go RN !!"

A very good point... and in light of the negotiations with majors as announced for this Monday, this could well come to be a possible alternative to a P.P. for pennies. R.N. did mention to a poster that there would need to be another financing, but how this is done will be something for speculation. If he can do it with a major JV, then maybe he will avoid being dragged into giving away shares.