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To me it's a chance to buy in at a fairly cheap price for all the small holders who have stuck by MEO. I don't think the company cares too much how much is raised. They are giving people the opportunity to top up at a slightly lower price than they otherwise could. The sp would surely rise if everyone tried to buy $15k each on market.

There is a risk the current drilling will be a failure, as with any drilling, but for those wishing to take the chance then this is the cheapest way in. The fact that the entitlement date gave no else a chance to buy a few shares on market so they could then get up to $15k at 20c through the offer shows smaller holders have been looked after this time. Very little benefit to large holders, in fact slight dilution if anything to them.