goose542 -

I want to think that you are correct. Further share dilution (esp. at this SP) would be very disadvantageous to shareholders. I hope that management shares our view.

Wise usuage of the capital from Blackrock (i.e. setting up the pipline to the NG hub) coupled with some limited "forward sales" of the NG production should be able to produce MEO's share of the capital required to continue drilling the "discovery wells." Those well's production would produce still cash and the upward spiral of cash flow (and SP) would continue.

IMO, even without a major discovery (the elephant), MEO has to potential to be nice little production company with a share price that is measured on dollars rather than cents.

- Panamax