Two things jump out at me:1. Sell down suggests an inability to...

Two things jump out at me:
1. Sell down suggests an inability to get substantial debt funding. Perhaps Senegal and deepwater combine as too risky for lenders. This would explain the recent cash raise, and lack of insider buying into that, despite the low price.
2. Presumably there has been some initial interest in the sell down, at levels above the current share price, that was suggested to instos during the placement. However if a really good offer was indicated, no placement would have been needed.
Net, net though, too risky for me.