Ann: Letter to Eligible Shareholders - Loyalty Option Offer, page-4

To my mind, it just seems an odd time to do a issue/raise - No drilling yet commenced to incentivise the market. In the spec end, you tend to try and raise at the highest price you can to max the benefit and minimise the resulting dilution. You've got roughly 35m shares there soley for management/Xcel for running it. That's near on 30% of the raise, for bugger all effort. It does give them an exceptionally high level of benefit should RC1 perform at all.
Maybe I'm skeptical, it just strikes me as odd timing mate. These two lines raised some interest also:

Just interested in the 'why' here.