I can understand the raise and but a rights issue, especially a...

I can understand the raise and but a rights issue, especially a renounceable one, could get drawn out IMO whilst all the horse trading takes place.
An underwritten rights issue would be cleaner.
The SPP being first in best dressed means this will be done quick and clean. I suspect it will be shut by end of the week if not before.
The drillers would want to know IVZ can find cash when needed, sends a clear message of confidence to them along with the letter of credit.

There simply has to be something at play behind the scenes for this raise not to be for our share of drilling costs. { maybe it is for our share }
IF it is then its
a. Bigger placement later on, although I'm sure the insto's would have been keen to get in prior to seismic upgrade......maybe its that big that Scott thinks raising the cash will be at a much higher price?? He did state in the webinar that seismic upgrade would be the "trigger"
b. Cornerstone investor, are they waiting for the seismic also to pay a premium? I doubt it, deep pockets are tightarses IMO. I think they would be trying to negotiate an entry now if this were the case.
c. Another farm down, would be the least popular but I'm not ruling it out.
d. A farm in that trumps the CEA deal....not likely prior to seismic IMO, but who knows after? There maybe fence sitters who want to see the new seismic first but if that is the case it will need to come soon for them to do their own interpretation and dd on the seismic.