shares verse options

I'm not sure I have this right, but with the piggy back options is it true that in principle you actually get two shares for 9 cents if you convert the KIKO and then convert the piggy back.

Working on this I did some calculations if all goes well with the drilling in the Philippines
2 opt. = 1 share, Share Price, Times 2, Current Opt Value
cost
9C 5.5 11 +1.5c
9c 6 12 +3c
9c 7 14 +5c
9c 8 16 +7c
9c 9 18 +9c
9c 10 20 +11c
9c 11 22 +13c
9c 15 30 +21c
9c 20 40 +31

Just a thought
Any comments would be appreciated

Regards Bryan