What exacly has management promised...? It is understandable that many of us are frustrated or angry about the long delay of action and JM has been called everything from idiot to psychpathic liar on this forum. But what exactly has he been untruthful about exept perhaps deadlines? During my contacts with management and IR since December last year the only tangible thing they have ever stated is that they EXPECT around 30 MMBL recoverable resources based on the information they have from the re-entry.
The independent resource assessment says 22.5 2C contingent resources + 6.5 2C prospective recources. Given that these are CONSERVATIVE estimates (and I strongly believe they are) it is not unreasonable that the best estimate from management (and potential buyers of MIRA) of what exactly is down there is around 30 MMBL. So, what exactly has JM been lying about? I really don't know. Perhaps he and IR has said other things to other forum participants, but to me they have never indicated anything more than 30 MMBL.
My personal belief is that management thinks TSB contains a lot more. An indication of that is that when I mailed Thomas Cavanaugh this summer and asked about the buy-out process he very clearly stated that he believes that TSB is a robust asset and that the field will be the ancor of future growtth and that he is in this to build a company, not just an asset. But he also said that the decision on how to proceed (buy-out or TSB3) is up to the share holders.
Regarding the $2.5 Million financing I think it makes sense. Even if many expect/hope fore a buy-out offer, the company must proceed as if it is business as usual they need working capital and a balance sheet that looks acceptable if they want to move resources from 2C to 2P (see the previous post from TeTsuo about requrements for 2P).