I suspect the CR has nothing to do with illiquidity (as stated...

I suspect the CR has nothing to do with illiquidity (as stated at the AGM), drilling nor debt payments.

On my maths these are already budgeted and allocated months ago.

This is a corporate deal here IMHO. Looks like maybe more than one.

Its about a new large holder and securing the TRY BOD control with friendly large holders. The 2 main friendlies Investec & Rufffer have wanted cheap offmarket shares since Dec 2017 but they refused,
When they needed cash in 2017 they didnt do any CR.

The accumulating INSTO has also wanted the same since Dec 2017 but the volume was so low only the runup to 17c allowed the INSTOs to accumulate from Eduardo & RIM.

Ruffer and Investec didnt accumulate onmarket at all.
Someone or two did buy 50M shares in May to July 2018.

There are 3-5 groups wanting more cheap shares as they cannot get them onmarket at all.
At 500k daily volume the only way to get cheap shares was through a CR from the BOD.
Anyone wanting 20M shares would massively spike the SP past 25c if they bought on market.
The offeree volume just doesnt exist at all.

It looks positive to me. BOD have tied up a new deal IMHO, we will soon see.