Good start. This is an important valuation issue for NOT shareholders because the institutions and funds can provide more efficiently priced capital with less dilution than the Venture Capital types. As the resource proves up and more funds/instns come to the party, you will have competitive capital supply, which is very limited at the V/C end. I would have to guess there have been new fund positions coming into place but quite small individually and collectively. We will not avoid dilution as we go forward, but the attraction of competitive financing is one key to the overall cost including dilution. At the other end, striking a JV deal with a major also has costs both in net growth and dilution. NOT's capable and experienced management team will be equal to the occasion, but many shareholders may not comprehend the huge amount of negotiation they face with their advisors guiding the progress. Please post any info you come by on non-V/c fund holdings. As an afterthought, I wanted to point out that at the right point of time, a JV with a major player can get you through the development and growth so much faster that giving up what appears to be a bit more in the mid term actually benefits shareholders.