Shire,
HDR did a similar thing in March'04 3 yrs after drilling 10 wells & doing a DoC.
They did an SPP for A$79mil alongwith 1 for 6 rights for A$88mil Total raised was A$167mil.
They also sold assets in WA at the time to Arc Energy & an 11% interest to BG group in Chinguetti, so had apprx A$349mil cash for the 20 well Development drilling program that started in late 2004.
In the early days (ie 2001 & 2004), they were 'propped up' by Woodside who bought 67 mil (10.5%) HDR shares, b4 flogging them for A$1.755/sh.
Was a different era as development costs & FPSO hire rates etc were very low in 2005-'06.
Hope this helps.
FAR - Trading Halt - Cap Raising - The Facts, page-23
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