What I have read is that Infinity is required to commence 3D mapping activity within a relatively short amount of time after EIA approval, which happened on April 13. I cannot recall whether they have 90 days or some other deadline; but I do recall that the time limit is not very long. So IFNY will have to have some sort of financing in the very near future.
From the most recent 10-Q filed on May 20, 2013.:
"Phase II of Sub Period 1 started April 13, 2013, when the Nicaraguan Government approved the environmental impact study. The minimum cash requirements for the next twelve month period will be $1,894,000 of which $1,634,677 is related to seismic and $259,300 is related to the training and area fees under the concession. See Note 1 for discussion of Going Concern. The Company estimates that the actual cost of seismic for the acreage will be $4,000,000 over the next 18 month period.
We plan to raise capital to satisfy the foregoing needs through an offering of our equity or debt securities and/or through a commercial relationship with other industry operators, which may involve the granting of revenue or other interests in the Nicaraguan Concessions in exchange for cash and a carried interest in exploration and development operations or the creation of a joint venture or other strategic partnership. There can be no assurance that we will obtain such funding or obtain it on terms acceptable to us. Further, if we cannot meet our obligations respecting the Nicaraguan Concessions, we will lose our rights to them."
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