eljoro -

It is a paradox. Why extend the warrants and then not "help" them by releasing appropriate news that would raise the SP? Some possibilities:

1) There is no news that would raise the price (not likely);

2) There was pressure from the warrant holders to extend the deadline (possible); or

[Since the choices seem to be between less share dilution or more working capital. I shall offer another possiblity]

3) MEO management thought that they need the capital but the results from drilling operations have been so encouraging that they can now finance their future operations (i.e. pipleline to the gas hub) from the forthcoming cash flow (the one I like best).

What do you think?

- Panamax