chomp on dmnoc, page-51

In this case, the DMNOC options are 0.005 March 2012

that means they expire in march 2012 and you have the right, not the obligation to exercise them before that date and convert it into a share for 0.005. You would not do this unless the SP was over .005 as you could just buy shares on market.

options come into play when the SP is worth more than the strike price.