directors own 35% of shares and approx the same as ops. If the ops were to expire out of the money then they would still control 35% of the company without having to fork out for ops...however
at some point in the future the CNOOC cash will run out and EXE will need to put in some bucks. If they have no cash then there will be no progress and the 35% of shares the directors own would be worth zip. Whatever amount is raised at whatever share price, the directors would need to put in 35% to avoid dilution. Whatever way you look at it the directors have a real lot of shares and it would be better for them if the SP was up very high and not down low. Bottom line is that I don't buy any conspiracy theories about the SP performance. I think the lagging SP can be summed up with a simple mathematical formula :
