here's the announcement, page-12

spender1,
They did not stop work whilst raising capital...on the contrary it looks like drill resulst are going to be out earlier than expected.
Why did they raise money now...for a number of reasons I guess.
1-Their market cap has now increased a lot more meaning institutions are going to have to take a closer look at PSA for a position.
2-If the well fails then the placement will cover the costs and most of the costs of drilling in China so Psa will basically be back to the cash position they had before drilling.

Id be buggered if i would have taken a placement at 95c when thye are so close to etting their final results...especially 10mill shares in an illiquid stock like PSA.
Youd have to be pretty confident to take up the issue...put 2+2 together.

I think we will see PSA well above $1 very soon.