trading halt, page-21

You can just add the proceeds of the rights issue onto the NPV but that only works until the money is spent, and believe me the money is going to be spent. As soon as the money is spent you haven't got it as a N.A. and you are diluted.
It is then up to the management to ADD VALUE by increasing revenue and earnings, and they could succeed or fail depending on many variables.
The last SPP was on 9th December 2009 at 30 cents, when you could have subscribed for up to $15000 worth of Shares. If you go back and read the announcement you will see that the reason for the SPP was the same as this rights issue. The floods in the Cooper basin meant there was no production from the wells affected by road closure, and the SP went as low as 25 cents, might have even been lower. The point I am trying to make is, if you can't effectively use the money to increase revenue, a capital raising is dilutionary.
This time is it going to be any different? Well, only time will tell, go check the cashflow page in the next annual report and compare it to the last one. Then check out the salaries, directors fees, and compare them. To be fair, you can't blame the previous management for the floods but it's a fact that during all the downtime the management and the Board still had to be paid.