I think BH has some valid concerns as nothing seems to have...

I think BH has some valid concerns as nothing seems to have moved the share price except down. Theoretically we could be in a situation where the well has reasonable commercial flows but because of the time and extra money needed with getting there the share price does not go that much higher from where it is now. Heck we could even see another sell off on commercial flows sending this below 10 cents if Darwin is aggressively shorting OEX.

Is the only way we can re-rate is if RM is replaced? That decision would have to come from some of the largest shareholders and they all seem to be happy with the way things are going. Maybe that is Magna's whole strategy to steal Cambay from OEX for peanuts.

It is a bit ironic that management do not want the share price to be well north of 15 cents. In fact IMO it would have to be at least well past 20 cents for option holders to see any value in converting.