Ann: Globals TEA area incorporates discovered gas field, page-24

With options, the one thing you cant control is time. And a bet, whether the market wakes up in time.
Or that company ABC executes plans in that timely manner. I still like options, but also i am noting that the spec market there are many at wide spreads which the market is ignoring, and floundering. Options represent a tail wind bet on the heads. A market at record highs, but the spec side is very quiet. Under these conditions, i too default to just the heads bet, unless i can get very wide LVR entry on ops, and company must have price catalysts in schedule. Then its free carry into volatility and retain heads.