Ann: Phase 3 Drilling at Carr Boyd Enjoys Early Success, page-24

no mate, I’m calling them a good punt because of the leverage currently available. I hold both ESR and ESRO. I’m presently not in The money on the options and a lot of others aren’t either which means they won’t convert. If share price stays down around $.05 then a lot of options being traded will expire worthless and ESR won’t raise as much money on conversions. The management know this and will be doing everything they can to get results before ESRO expire. I’m punting they can come up with the goods before expiry, and yes I will convert them, not sell them beforehand.