Cairn Pre-Close Update 19 January, page-13

From the 2015 AGM Notice of Meeting, regarding Caths's options (others the sme probably):

6.4
Option Terms
The terms of issue of the Options are as follows:
(a)
each Option vests on the announcement to the effect
of potential economic viability of a future development
project by the Senegal joint venture Operator before
1 June 2018 when the options lapse

So that does not equal "commercial deliverability" IMHO. But just like Cath said "We are one step closer to 3.5 billion barrels", this statement by Cairn, the operator, is one step closer to meeting the vesting conditions.

H