if any company capital raises from by issuing additional shares...

if any company capital raises from by issuing additional shares at a discount to current share price - it's a no-brainer for those who bought in at the discounted rate to offload at a short term profit so their remaining shares held stand them in at a zero net book cost.

From the company's perspective It's a way of getting larger players on board as shareholders relatively easily but sadly the short-term knock-on effect 'share price action' penalises private investors.

The bigger picture is that for COI to progress towards production and add to already substantial reserves rather than ending up as a cash-starved 'minnow' with bags of potential but no ability to capitalise upon that potential - is to ensure that the cash keeps rolling in so that 'potential' is turned into either 'production' or an earlier 'take-out'.

That's the reality behind our current share price/market cap - nothing unexpected but understandably uncomfortable for those of us invested for the end game.

As a long term shareholder - I'd much rather our management steered COI towards the point when it becomes blindingly obvious that if we aren't taken-out that we will end up as a key gas producer in a tight market. If that means short-term market cap pain - then so be it.

Either option is acceptable to me but I'm sure Statoil won't want the first of those options to transpire under their watch and joint position.

It's a matter of 'when' rather than 'if' in my opinion providing our management can move us ever closer to production with the funds in place or lined up to turn our ever increasing potential into reality.