As I understand it, yes they have previously achieved gasification but with sub-optimal performance due to excess ground water getting into the chamber causing surplus oxygen (remembering, they don't want full scale burning to produce syngas). They needed to shut the chamber down to provide time to address the water issue. Re-ignition has taken place and they were rebuilding the combustion process bringing the temperatures up through stages until they reached optimal syngas conditions. We have not yet been advised the re-light has been successful.
In terms of the CAP raise, announcing successful Syngas flows first would (I would think) assist in full take-up of the new shares.
However, the order of announcements is more driven by "when it actually happens" rather than company preference (if they follow ASX rules - which they seem to do).
Hopefully, the previous MD has no shares left to dump to dampen any SP increase, and the SP should bump-up to a more respectable level, and buck the normal trend of dropping to the strike price for the new issue.
The big pay day will come when the resource is re-rated (after the gas is analysed and 3rd parties complete their resource re-evaluation).
IMO
DYOR
