Ann: Farm in Option Agreement for a 2-well Campaign, page-97

Thats what im thinking, if management thought it was a good deal they would have pushed to make it binding. I think it will open the door for further offers.

Also , Scott isnt stupid, if you read the SMS message posted here: https://hotcopper.com.au/posts/58182179/single

You can see that Scott is still open to going alone. But he simply doesn't want to raise the full amount while the SP is where it is (because of the dilution and a shame to raise at these levels). He wants to de-risk first. By de-risk, i mean adding additional prospects/land and driving up the value of the SP/company before making that call.
This farm in offer is the absolute worst case scenario, something we can fall back on if things dont work out.
Thats the way i see it