Ann: Santos launches Share Purchase Plan Offer, page-34

It sounds like you are a small holder with maybe only 2500 shares say. The offer is for $5,000, $10,000 or $15,000 worth I think?
Potentially you could apply for up to 3700 shares if the offer price ends up at $4.06.
If however the share price rises between now and the end of the offer period then I am also going to apply for $15,000 of shares but I had 25,000 shares at the record date.
If the shareprice is a lot higher than the offer price many shareholders will apply. In the interest of fairness I assume you would be scaled back more than I if the offer is oversubscribed. The company also reserves the right to close the offer at anytime because they have anticipated our rationality in waiting until the last minute.
I am reminded of a capital raising by FBU where I had $5000 shares, applied for $10,000 more and didn't get scaled. Made some money
The strangeness you detect is that the company is favouring the little guy in this issue. They shouldn't have needed these last minute capital raisings but they way they have pulled them off is impressive.
You can get in real trouble just buying a company below book value, no offense but this is a ruthless game. I know because I learned by making dumb mistakes and getting pasted.
Don't be like me, get yourself a real good financial educate and learn from other's mistakes instead - I don't mean a finance degree but you need to be able to interpret financial statements.
Just consider STO's book value in 2014 versus today right? Despite $4 billion in capital raisings it hasn't increased.
The book value sleuth who bought the company in late 2014 at around book value has taken an absolute pasting.
The book value is always predicated on something, for some companies the true value is higher others lower. Some companies carry properties at historical cost, others excessive inventory at manufactured cost which needs to be marked down for sale.
You get the point.
STO needs oil to be above the assumption in it's annual report or more impairments will come. There are risks about LNG demand as well, risks with drilling and especially coal seam gas.
99.999% of the people on these forums should not be buying shares. Don't be another one of the victims do your homework.
Best wishes with your decision