It's been obvious for a good while that they did not have the $...

It's been obvious for a good while that they did not have the $ to drill Welchau after MCF refused to provide the 2nd part of funding that they had an option for.
Also obvious is that current operations, including the Anshof well do not provide enough cash to cover operating costs (Q3 report).
Getting MND was good news, but it is for lower risk lower reward than the supposed Welchau gas prospect.
so good news was Xtract not participating - I assume their BoD not as enthused as their Chairman was.
This has always been a story of equity dilution - tough to see the trend end - as everything they claim to want to do (gas prospects, oil prospects, Hydrogen, geothermal, storage, ..., without forgetting Romania and Italy) costs money they don't have and don't generate.
I guess the good news, with MND and MCF involved, they will save the company if it runs into trouble and there is assets worth saving ... but that again is not good for shareholders.

Hope springs eternal