I can't for the life of me understand,how,$200 mill,US in loans...

I can't for the life of me understand,how,$200 mill,US in loans plus contributed equity from TGS shareholders,has been spent in what is essentially a small to mid scale operation,with moderate logistical challenges.
This in my mind presents two scenario's.A: the BOD well have a dumb and dumber approach to operational issues,or B the company is a rinse,recycle and repeat operation with a name change thrown in for good measure.
In any case shareholder fund's,which have been invested in good faith,has in essence been destroyed.
I would appreciate informed comments,minus the Blue Sky posters,to discuss the way forward.