Ann: Notice of Options Expiring , page-5

I believe once CNOOC gets the approval from China's National Development & Reform Commission (NDRC) and other regulatory bodies. It then has 5 days to exercise the first option of to acquire 86.7m shares at 31.5c + 86.7m options to get the same number of shares at the same price expiring Dec 2012.

This would mean $27,306,614.79 to our kitty bank.

Given the scenario of the Japan nuclear crisis, maybe the Chinese authorities are likely to approve the deal.

Once CNOOC has stake in EXE, i presume the share price levels would be over 31.5c