It is curious right. Assuming you're correct, they couldn't have...

It is curious right. Assuming you're correct, they couldn't have known when they would need the drill rig money relative to the seismic results being released. And 100% couldn't have known what the share price was going to be when they needed the money to book the rig and didn't have the seismic results yet.

I do agree with you though, the SPP tacked on doesn't make a heap of sense. If it was, as you suspect, to reward loyal holders then good on them. But perhaps they thought they might have a revolt on their hands if they raised $5M at 10c to instos only. Retail getting a little wobbly with the Cluff deal sending the share price south. I reckon maybe they were a little nervous how the raise would impact the share price if they didn't take retail along for the ride?

Pure speculation on a lazy Tuesday though...