I have no interest in your infuencing your decision either way...

I have no interest in your infuencing your decision either way best wishes with it. I would suggest Mr Gallagher and previous executive snouts are mainly interested in keeping the trough full. That means replacing reserves and building their empire even if shareholder interests were to wind up the business and return our cash.
These capital raisings are a shotgun to the head, if you don't apply your holdings are diluted anyway.
In 2014 analysts were sure the new normal price of oil was $100 U.S. per barrel Brent Crude now in 2017 they are sure it is $50. STO followed suit from $15 to $4.
The reason I took up my rights is that I think the oil price over the long term will be not $100 or the $56 that it is today but somewhere in between and based on that the offer is attractive. Also to avoid dilution, generally I increase my stakes in every capital raising.
Perhaps I am wrong.
Incidentally most valuations at the oil price today would be higher than $4.06 per share, my anal ist is around $5.3.
PNG LNG development also marginally profitable in the unlikely even of more oil linked contracts in an LNG glut.