dilution guessLets say if without dilution. Without debt. How much is the total asset value. Maybe 6 billion now. But if oil continue rise it may be valued at 12 billion. Now lets say debt convert to shares. Based on 1 dollar. Then there should be 6 billion shares at this moment. Each share at 1 dollar to reflect total asset value. So before dillution happen. New share will be issued at half year avg price . which is 2 dollar each. But there will be a huge discount lets say 1 dollar each face value. Market price might not be 1 dollar but will go up. Current shareholder remain same. Common shares no change. Impact would be if future oil up to 80 or 100. Pre cannot go as high as before. No 33 dollar anymore. But 6 dollar at most maybe.