Ann: Trading Halt, page-9

Indeed. And dilution does not make sense today, as AJL is funded as is Cuadrilla. So it is most likely part of an exit of Kerogen (taking with them the key assets.

So, not only dilution, also a way to get rid of shareholders other then Kerogen.

The 'strategic investor' is likely a contractor that steps in for a significant share. Then over the next 6 months, Kerogen will swap loans + adds cash to buy the Cuadrilla asset and the direct Bowland/Weald asset.

We, retail shareholders stay behind in a contracting company, with a good balance sheet and cash. But we miss out on the Cuadrilla BIG upside.

That would be my fear.