What NN is saying is that if they can't do the R/S they will have difficulty raising new funds. If they can't raise new funds in the future once present bank accounts dry up,they will have no option but to joint venture if they want to continue drilling. doing a joint venture means they give up 50% or more of the property. Thus the term he used "property dilution".

FWIW Myself and everyone I know that are invested in Spider have voted no to #12.

Regards

K