I think you'll find that given that the Indian government is willing to endorse a sales contract and production of 73 vertical well at only 1 measured million standard cubic feet a day, that if 77H comes in at least that or better (more like 4 to 6 mmscfd) being a horizontal fracture stimulated well 77H will be connected ASAP to the high pressure pipeline 7kms away giving them a lot of options to raise funds other than capital dilution.
I don't think it is shareholders that will get shafted here in the mid term, it will be fund managers playing their games right now getting caught out when a larger player not of their origin makes an independent move on Oilex due to raw valuations on Cambay and 77H. This will leave them to explain to their supervisors why they are incompetent at their next performance appraisal and bonus allocation; sorry non-bonus allocation meeting.
Be patient - Oilex holds significant value and at the end of the day a dollar is worth a dollar. If you throw a dollar on the ground and walk away, someone else will most certainly pick it up. You can count on it.