They were going to get their shares one way or another.
after the failed rights offering, the next best option was "options"
Management knowing that they will need roughly 150 million for clearwater phase one, decided that it was a great idea to spend whatever little money we have left in the coffers on new business ventures in Africa.
After signing a deal for oil exploration in Congo (country on the brink of a civil war) they celebrated by giving themselves 9.2 million options.
We know they are trying to negotiate another venture somewhere else in Africa. How many options will they grant themselves once that is complete??? Stay tuned.
Where will the money come from to fund these African ventures?? Sell off oilsands?