Options are never converted into shares unless they fall due or...

Options are never converted into shares unless they fall due or you want to sell shares.
Investec has to act with care. Operations seem fixed now. They have to prevent Ken from leaving, so they are aligned with current management. The equity requirement will probably go away. The liquidity requirement... well they are not doing Troy a favor by letting it go. Perhaps for a short period of time until Troy gets cash flow from operations or Casposo advance.
Investec could profit from Troy ultimately building a much larger operation in Guyana, i.e. new loan.