Impossible to tell at this point in time. Pending r/s has current sp capped IMO despite the drill ship being on site. I'd say given the current sp the r/s ratio will be 1 for 3 or 4. Then there's the additional funding required to not lose % WI, since Sapetro will cover but gain WI if they do.
I would look for spud as pr'ed, then the r/s, and then a share placement announcement if all goes as planned. Anyway, that's how I see it. Enter the casino if you dare...the payoff could be worth the risk IMO.
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