Julius,
Krombacher has it summed up well in this post I am replying to. What happens to the share price is purely up to the sentiment of the market or shareholders.
From a financial position, the company took on more CN debt last quarter but CN holders converted about 3 times as much as was newly issued so at a minimum there should be less pressure on selling new shares going forward at some point in time. If ERHE continues to cut expenses further, it should also reduce the need for immediate fund raising through CN's.
Also, at some point in time in the next 9 months, speculation should kick in on the fact that ERHE (CEPSA) will be drilling for oil in an asset that is currently NOT priced in the share price AT ALL. In addition to that upward price pressure, they could find a partner for Chad or EEZ with substantial funding reimbursment (similar to what happened with Kenya).
If the share price trend get's reversed (which may have already happened), CN holders may convert to shares with their 40% discount and actually hold on to some of the shares as the price climbs. This will help compound the rebound. Again reducing the new supply going against the demand. Kind of like a short squeeze.
Obviously, this is all still speculation and the market can continue to be fickle if it wants to or is further scared into it.
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