It's somewhat ironic that there's all this hand-wringing about a...

It's somewhat ironic that there's all this hand-wringing about a supposed capital raising (a lot of it confected by those with ulterior motives, I believe).
It's ironic because, in the worst-case scenario, they might raise $40 million. I think this is very unlikely, but even if it does happen, this isn't that much relative to the current market cap. Also, any money raised would only be used to pursue some high-probability, high-impact 3D seismic and drilling targets.
Any rational shorter can see this. There are dozens of companies with high debt and low FCFs on the ASX that would make easier shorting targets than STX on the basis of "a potential capital raising." Yet, STX remains the 12th most 'shorted' stock on the ASX. Furthermore, any rational shorter would also be closing out their existing positions while the share price has been sitting at 52-week lows these past few months (following the disappointing SE2/3 results), not increasing their overall exposure.
To me, it's pretty clear the share price is being 'managed' around the 20-cent levels for other reasons. We've all seen the blatant sell-side capping and the willingness of some large holder(s) to sell into the strength following the excellent Walyering 7 results and The Australian article (about Gina building towards a 5% position) to prevent any upward momentum. Spreading this "impending capital raising" narrative is one component of their overall strategy, IMHO.