What about Phase 2, page-147

I think it’s one reason. All O&G stocks have been hit with the falling gas price but HHR more than others because the funds had only just got set when gas prices lost 25% and there was a rush for the door.
The downside is that HHR got hit. The upside is that we are now well positioned to get to FID, with full equity funding (which will allow them to complete the debt funding).
In hindsight, IMO, the equity raise timing was a blessing in disguise. Not good timing, I grant you, for traders and those who wished to take an early profit, but nevertheless, HHR can still keep moving forward on the same timetable.