Beginner question 88EO options

Hi Ladies and Gents.

Excuse my seemingly silly question.

I've brought stocks and shares for about ten years since leaving school. More of a punter than an investor during this time. However I have started to steadily invest in more 'secure' stocks of late as I try to build a portfolio mainly aimed towards long term growth.

However I've always had a gambling streak and whilst majority of my holdings are 'sensible' I do like to still take a punt on potential penny shares such as 88e.

So as you can see I am no expert in any way shape or form. Hence my question regarding the 88EO options. Can someone please explain to me how these things work in layman's terms? I'd really appreciate the advice from the boards.

Another question that may have already been asked but to which I can't find the answer is why are there such different spreads in stock value on the list and asx. I know how a dual listed Companies work but don't really understand why there should be 20% rise on one market and only a substantially lower rise on another.

Thanks in advance for your reply

mdmx33