Ann: Company Update , page-6

You either those questions or implied you wanted answers. I answered them to the best of my knowledge. If you don't like the answers then that is very much your prerogative.

The options will most likely be held in size by people with a vested interest in getting this project running. I believe that there will be a substantial uptake of options if the price is over 20.5c by these holders.
I couldn't disagree more with you that you need >30c to get near 100%. Anyone not taking up their options over 20c are throwing money away but this happens on a regular basis due to a lack of awareness on their behalf of expiry dates or an unwillingness to reach into their pockets. Either way this is a small percentage of option holders.

I have a large enough holding, enough that when I have a question I politely make calls or send concise emails asking for clarification. I try really hard not to ask questions when the company has already released the information, I try hard not to pester them too often.

The question of what management knows but hasn't told is impossible for me to answer (by definition). My discussions with them implies they remain quietly and cautiously confident that all the hurdles will be jumped.

I believe an appeal is very unlikely (per my answer) but is by no means impossible.

Drilling in the near term may be a catalyst with rigs onsite now. CRC still has a fair way to go so there will be trading opportunities for those with short term horizons and the pricing at present looks pretty attractive for those prepared to look out 12-18mths.