Ann: Notice of Meeting, Executive Incentive Plan and option issue, page-60

Yes HardmanO, the thought also crossed my mind.

I think we need to look at the following extract from the "terms" and apply a particular scenario (e.g release of of 2C results associated with SNE1 and FAN1) to the "option terms and see how it will work out.

To me, the ensuing 2C results could be coupled with the announcement of " potential economic viability of a future development"(the "trigger") which will then trigger the vesting of the options. But without options having been approved at AGM, there are no option that can vest. So either the 2C results will only be released after the 15th, or the "trigger" will only be announced (perhaps in conjunction with lodgment of appraisal program) after the 15th May. If so, then what about CNE's CapMarDay on the 11th May? ? I would have thought that the results would be announced before the 11th May.

Something doesn't make sense. CN &Co wouldn't want to pay 15c or more per share if they can pay 10c per share. If the results come out between now and 11th May, and it is as good as they say, it will move higher. So could it thus be that the "trigger" will be held back and that "the trigger" will be part and parcel of the appraisal program to be delivered to Senegal Gov? which could be a day after the 15th. Maybe.
But , even then, the SP is expected to increase on release of final well results which should, I would have thought, be a date before the 11th May. (before the options are issued??).

Thoughts anyone??? Thanks.