700bbl per day cost recovery, page-34

Ron taking up your thought experiment as to when IMC would take up their options, IMC are playing a long term waiting game in my opinion. I can't see them buying them anytime soon, irrespective of the SP. They don't have to buy them just because the SP is at the strike price, that simply provides them the entitlement to buy them. Why would they tie up even more capital in the company until the macro factors kick in? They won't, they will sit on the options until the Horizon has a clear and positive future eg LNG prices rise substantially. IMC will only take up the options when they can actually make money on all their investment in the company and at that stage the SP will be way above the strike price. So the strike price is an investment irrelevance in my view and I can't see why 6.1 cps is being promoted as some sort of target that the SP will rise to?