Hyperdynamics Corp (HDYNQ)

[whitenoize]

Everything is interdependent right now as far as funding the drilling.
While drilling costs are lower, it is because oil is lower. Thus a farm out is worth less. A farm out should increase the value of shares , depending on terms, making it easier to raise any remaining capital needed. However, it will fix a market value on the concession which could limit upside until drilling is underway.
I see no reason for Ray to vary from his past strategy, which is to use only the equity needed to make a discovery and hold back as much as practical/possible for higher valuation after a discover is made. So I expect a farmout, private placement, or combination thereof that will fully fund Fatalla with some cushion. If there is discovery then funding for additional wells will be less dilutive. Although plans will have to be in place to move quickly.
All purely speculation, but it's what we do here while waiting to see what evolves.