If phase 1 drilling showed good results wouldn't the money for a full program be available on better terms? If so, why not take the money for phase 1 as soon as it is offered, unless those terms are not yet good enough?
However, it money was offered sufficient to do the entire drilling program at good enough terms the argument for taking it might be: the world can change, take it now, considering the magnitude of what we're after it's silly to keep negotiating for better terms. Besides, if we take all the money now we can focus on what we like to focus on and stop the exhausting search for investors.
I sure would be tempted to take the entire package even knowing that better terms might be available later after success of phase 1.
Take all the money now because the world can change. That's probably the best argument for getting the whole deal done as quickly as possible.
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