MAN mandrake resources limited

Ann: Appendix 3G - Issue of options, page-23

  1. 135 Posts.
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    My thoughts on this are it’s a bit of cream on top for providing a partial discount for the drilling & geology initially. They get most of their money via cash and if they happen to hit it big they also get some of the benefit. This would have to go to 35-40c to be worthwhile. It’s worth $60k for every cent over 30c we get to. If we hit something decent we can be 60c-80c so worth a few mil $$ to them for a taking a punt.
 
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