RE: Warrants Highly doubt it is a "planned" delay. Expecially considering they are all the IPO warrants that Krishna et al are the main holders of. Check the institutional and insider ownership. I suspect they will wait a few months and try to push the price above 0.35/sh with a a few good news releases. If CPO-5 permits come in and they announce spudding, there is a very good chance the SP will be above 0.35/sh. Spudding Dorado-1x will add some speculative value, as will any potential JV deals in Peru. If the SP does exceed 0.35/sh, most folks will exercise the warrants and the company will gain much needed cash. It will put down a temporary wall at or near 0.35/sh, as many people will be selling stock and exercising warrants.
CPO_5 is a real potential gem though. With the Jilguero and Kitaro discoveries directly to the northeast and Corcel/Guatiquia to the northwest and over 50 prospects with more to follow from subsequent seismic in the northeast corner, there is real running room with a couple discoveries.
The wait is certainly absurd, but I think I've heard a nifty little cliche "good things are worth waiting for". Lets hope