Every scenario you present involves further dilution. A carry from CEPSA for a percentage of the 35% ERHC now holds = dilution. Borrow against the asset, and how would they pay the interest? Dilution. Private placement of shares = dilution. Farm in another entity = reduce their 35% = dilution. To run numbers based on 43 million shares is like watching a video of the last Super Bowl and expecting Cam Newton to play better and lead the Panthers to a victory. It just ain't happenin'.
News 
Market Data 
Discover 
