rb,
You can't make the statement "no outside funding". There is no public evidence to support such a statement. Any funding, whether debt or equity could always be considered dilutive assuming the debt is convertible. Is it possible they may have solidified outside funding in recent weeks and perhaps the precipitated the recent announcements indicating forthcoming drilling at Jungo etc.? Remember, I don't see any evidence of management making anything of substance for their efforts of recent years. When they have diluted, they've only diluted themselves as large shareholders. Unfortunately, what was the alternative? Again, sometimes its better to be lucky than good. Sometimes just staying in the game can position you for a possible eventual win. I hope that is the case with Dutch but I appreciate your counter points.
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