It would want to be something substantial to drive the current SP of the heads to close on double the current MC / SP to make it worth someone entertaining and exercising the options. As said previously, serious cash injection should they be converted, but there is currently nothing giving the holders reason to exercise.
We obviously know what Hammerhead gained in the transaction so maybe that is some sort of insight that there is potential to come?
All we can hope for is some news soon.
Ann: Field Activities Commence at Earaheedy Basin, page-20
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