Perhaps I wasn't clear, "VON_FUKOFFEINDIE".... except for the single fact that right NOW we are still LOOKING for an ocean of oil in Columbia, I would agree with you.
If we had already found it and know for certain that it can be economically brought to the surface and/or sold in place or whatever, I would not hesitate to take on debt and NOT even consider issuing additional equity.
Until that "elephant" is bagged, however, I would prefer the company keep as clean a balance sheet as possible with a minimum of long term debt so that we have all options open AND be reasonably sure of being able to SURVIVE in case unforeseen problems develop.
Until then, I would rather err on the side of caution in what, as we all know, is a very risky business any way you slice it....
As supremely confident as we all are, however, it is very tempting to take your approach though...its a tough call any way you cut it.