The Solution to this messLFD will not be able to raise any meaningful money at current market because the company alraeady has more than 200 million floating. I think the way for them to continue wouldbe to consolidate the shares to say 10 old shares get 1 new share to shrink the issued shares to around 20 million shares. Then, finance and raise money at the postconsolidated price. This I believe is the only way this company can come out of the mess. Otherwise, they can keep current share structure & reduce their interest from 40% to 20% and get another partner to carry them through drilling and completion.
This is what happens when amateurs wannabees run an oil company.