MadMax -

You are correct about about the global phenomena of private lenders begin unwilling to lend. MEO may have a real problems borrowing cash without hedging future production (which should be avoided in a rising market). All that leaves is issuing more shares or cash flow from production.

Of course, as investors we are worried about share dilution. The higher the SP the less dilution we would have to suffer. One point that has occurred to me is that some of the loss of SP is due to the number of shares that were issued to pay (via PP) for the cost over-runs in JB#. When you look at it from that aspect (barring the "321 spike down in price), the SP has held up rather well. However, another PP at these price levels would be painful to shareholder value.

Like you, I have put my faith in MEO's management team. I hope they are able to find the right combination of fexternal unding and cash flow from operations to improve shareholder value.

Panamax