You have to understand that the oil and gas industry is a very...

You have to understand that the oil and gas industry is a very capital intensive and very high risk venture. Sometimes even with proven oil / gas find don't necessary make it to production.
Look at KAR, lucky to sell their Browse asset to Origin for $600 m 3 years ago, their share price has been trading well below cash backing ever since, Although now still have $300 m cash in the bank after cash burnt of $300 m over 3 years in their Brazilian venture, the market cap remain well below the cash backing and no turnaround in sight for shareholders.
The exciting big Browse oil find remain undeveloped.
To play in this game involves hundreds million of dollar, I don't know where TDO sit and just hope someone with a fat cheque book come along.
I see a long long road ahead for TDO shareholders if no T/O from oil majors in the short, and middle term.
This CR is enough to keep the company afloat for the next 3 years
Simply can't bear to wait for another 5 years with no guarantee of success.