Yep
They tossed some money in
Probably pulled it all out at a profit
and now have a free ride in case the company actually does find something.
They will be listed and tradeable - so to make them worth something they were probably behind the buying in the 7's, 8's and 9's and the selling in the 11-11.5 range knowing the churn would get people excited about another water well.
So on the double dip they haver probably profited twice and can now either sell their options for a couple of cents or hold on for a free ride.
SIMPLE
Imagine the deal the company will have to do for the next capital raising.
Paper everywhere
IMO only
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