They need to do some standard engineering work each year on the properties, see the filings for more details. It's listed there for each year what they need to do to maintain the license. Therefore I agree with fingolf, it's operational costs...
maybe someone else knows better...but I'd say that $500k is not enough to satisfy their share of drilling on 2 PELs. (i think that's what people hope that "work programs..." means)
590k GROSS proceeds was raised; wonder what the net will be...
It's very likely that it's money needed for other costs relating to the PELs, not directly related to drilling. If it was for drilling, then they would have been trumpeting it loudly for everyone to hear.
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