I think many of us, including me, are assuming that since the drilling wasn't mentioned explicitly that none of the money will go to it. This isn't necessarily the case just because drilling wasn't mentioned, but is plausible - what we do know is the company mentioned needing $10m for this year. Maybe they are hoping to raise the rest when the SP is higher, thus less dilution.

Or maybe, we won't need the rest. Not counting on it, but hoping this is the case, that the end is nearer than I think.