Looks like the management is spinning this into good news
If there were a good gas play a large stake would never be passed back, (certainly not for free).
Big effort here this morning to spin this. Any lowering of the share price will make any placing so much harder to get away.
Now the company needs more cash being the main operator. Not it needs to see a new partner. Not going to be easy with history showing poor gas flows. This taking now a lot longer to produce, any monetisation is put further into the future the company will need even more cash to keep the company running this will have to sell more shares.
Sorry to say but this is a negative. Will the company get other companies interested? This requires time. Even if it can at some point find a new partner. Certainly this is a “NEGATIVE”.
Now main operator the task is now harder to fund this. Only more placings on the horizon now. And thus dilutions.