I would have liked them to delay until they had some good results from the drills, when
the sp should be higher, then do it.

And THAT is exactly one of the key points here. Perhaps they aren't expecting good drill results in the near term. Either that, or a last-minute present to someone.

Personally, I do agree with the fact that it is far, far smarter to go to market for extra financing now, rather than waiting until a couple months before you need it.