Ann: EXEO Options Lapse , page-5

I agree that the terms of the detail have not been properly outlined.

Much will depend on how much exploration is required and how far $50 million will get with the requirements.

If CNOOC drill the first 50 holes @ $1 million each then one would hope the they are successful and that is reflected in the shareprice thus minimizing any dilution required for further funds.

I did find the deal for placement with options somewhat disappointing when it was first announced and the terminology of EXE granting options and placement to CNOOC gave me the impression that they were the ones doing CNOOC the favour with the placement.

We will soon find out imo..