For all his knowledge of shiny rocks, he seems to overlook the simple basic fact that such an agreement would be reached before the commencement of drilling rather than simultaneous to its progress. It's not as if during the drilling they saw amazing results and decided to take options as part payment. It really just is speculative and is not an extreme buy indicator as he presents it. With that said, hopefully MAN strikes good, it will benefit other explorers in the region through hype.
Ann: Appendix 3G - Issue of options, page-42
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