Ann: Notice of Meeting, Executive Incentive Plan and option issue, page-18

There is a lot of talk on here about FREE Option.... Is it???
Am I misinterpreting the following:

"The terms of issue of the Options are as follows: (a) each Option vests on the announcement to the effect of potential economic viability of a future development project by the Senegal joint venture Operator before 1 June 2018 when the options lapse; (b) the Options held by the holder can be exercised in whole or in part, and if exercised in part, multiples of 5,000 must be exercised on each occasion; (c) the exercise price for each Option will be 130% of the volume weighted average market price of the Company’s ordinary shares during the five days immediately prior to the date of issue, rounded up to the nearest 0.1 of a cent. The actual exercise price of the Options will be announced once known. For illustrative purposes, the exercise price of the Options where the volume weighted average price was equal to the highest, lowest and last trading price of the securities during the last year as listed in section 6.3 (h) above would be as follows:"

Thoughts???