Qk, getting my head around it slowly. My opinion, which may be...

Qk, getting my head around it slowly. My opinion, which may be wide of the mark is as follows:
1. Capital Raising to fund farm-in opportunity. Assuming that it adds value, share price may go north as it did last time. They have a couple of instos on the register, so it should go reasonable well. However, price is likely to be at a discount to current price.
My guess is that there will be a non-renounceable rights issue as well to give small investors a bite at the cherry as well - same as last time.

2. Redeeming notes early is a completely separate issue, and may be more about cleaning up the balance sheet to make it easier to get reserve based financing.

Given that the Note holders are Molton (OEL's largest shareholder) and JJ (Chairman), they will either take shares or cash - perhaps dependent on the cap raising price. If cash, they would likely take part in any capital raising.
It will be interesting to see what Molton and Jetter do if the price is below the note conversion price.

I'm inclined to think that this most likely a positive halt/capital raising.