I'm not sure it tells us much of anything about the timing except that the BOD didn't expect a deal to be concluded before June or July of this year. So I think we can safely say no deal this month. Too bad.  But beyond that- I guess a deal could come in 2-3 years, but it could equally come much sooner. Whenever it does- it will take some time to formalize and be ready for public announcement- which is what will boost the value of the PPS and the value of the warrants. So it is understandable that some leeway is wanted. However- it does suggest that a deal is anticipated. (It could even be in the works.) If there were the sense on the part of the BOD that there was no prospect of a deal- why bother. And why loan their own money- if it were likely the company would go deal-less and go under- with the loans going unrepaid. I don't think it is cause for pessimism- quite the opposite. But not quite as good as an announcement of a deal for drilling.