I am not entirely ignorant about options - my position is only a...

I am not entirely ignorant about options - my position is only a dabble based on the following.
In relation to valuing the options prior to expiry, the online option valuation tool:

http://www.hoadley.net/options/optiongraphs.aspx?

shows that if the heads are 5.5 cents by the end of March then AGOO should be worth 0.5 cents. That is using the assumptions used in AGOs Annual Report 2016, ie Volitility = 100% Risk free interest rate = 2%

I don't think AGO at 5.5 cent by the end of March is too big a stretch.
Anyway time will tell.