Julius.
All funding of any sort is dilution. Whether it is asset dilution by having a farm-in partner or by selling equity to new investors on the TSX. It is all dilutive in that you and I will get less oil money when we share our asset with others.
The key is though that along with the dilution we get a little something of value. The CN's didn't produce much value...they sold us the notes, converted, and sold the shares. The only "value" that ERHC got is that once converted, the principal on that debt no longer is owed.
But gaining an operator as a partner is dilutive too. We are sharing an asset. But in that case, we are getting something of value on top of the farm-in. We are getting drilling and drilling expertise.
A TSX listing may be dilutive...but we are gaining a better exchanges and more exposure to more investors.
That's the key here.
Krombacher