Could I ask a few silly questions and get your advise please? I...

Could I ask a few silly questions and get your advise please?
I am looking to buy PRL options. Would like to know exactly how these work?

I am using commsec and can see the PRLO expiry as August 2017. What is the ruling on these options?
is it that if we find extractable gas/oil the options won't expire? what happens if we do find gas/oil? will the PRLO price increase and I will then have to sell to receive profits?

I assume if we don't find anything, then post august all options expire and you lose your investment.

sorry for the noob questions, but I am trying to understand how options work in this particular scenario.