I am hoping they do something like a 1 for 10 rights issue to...

I am hoping they do something like a 1 for 10 rights issue to all share holders. That way it wouldn't matter what the price was.

There is no doubt the ceo has a mountain of positive information presently sitting on his desk eg, reserve upgrade, spudding of well 1 (possibly already spudded), latest quarterly showing first cashflows, Full site forward programe, latest flow rates etc etc.
If the company was to give away shares to a friendly insitution at these artifically supressed prices, I would think it close to criminal.

I do have faith (maybe misplaced) that the company will do the right thing.