250m dec'13 options @ .001c, page-5

Geez BigFish your a bit harsh asking them to pay 0.001c I thought they were 0.0001 - 25k for 250million not bad.

I also thought they were a part of the deal to get 100% ownership for the Seychelles acerage - see extract from 2011 annual report below

- Share based payments to acquire subsidiary On 28 February 2011 250,000,000 options were issued as part of the consideration to acquire Seyco . Options issued under the purchase deed regarding the purchase of Seyco vest when the following milestones are met and have an exercise price of $0.0001 and expire on 31 December 2013:

• Binding farmin agreements with a minimum spend of the greater of $10 million or 50% of the work commitment
on the licences; or

• The volume weighted average price of the Company’s shares as traded is at least 10 cents or more for ten
consecutive trading days.
The fair value of these options has been included in the value attributable to the Seychelles petroleum leases at a total value of $500,000. These options were outstanding at the end of the year.

Also

WHL Energy, on the receipt of all relevant approvals, will acquire all of the issued capital of SEYCO in consideration for the issue to the Vendors of SEYCO of:

- 150,000,000 ordinary fully paid shares of WHL Energy (75,000,000 shares will be subject to a voluntary escrow of 12 months post approval of acquisition);

- 60,000,000 options to acquire a further share, exercisable at 7.5 cents, expiring 30th June 2012;

- 250,000,000 performance shares that are convertible into ordinary shares in the capital of the company on the sooner to occur of the following events (provided that one of the events occurs prior to 31 December 2012): End

I'd like it to be 2012 but i think that last date should be 2013!

Bit of a mill stone but if they get excersied we will all be smiling.

Hope i'm on the right track here!

Cheers
Scobie