I am still a believer (and losing money) but your numbers are not right - shares on issue is a little over 100m, and cash needs to be adjusted fore recent drilling costs (a few mil) and the convertible notes ($3.2m). Options are less of an issue as out of the money.
Will take time, drilling problems for the last well have killed the momentum. Need the next well to go smoothly and for volumes for the last and next well to be solid.
Cheers
Monty
