I had a thought "outside the box " moment which won't be popular...

I had a thought "outside the box " moment which won't be popular for SGC holders in the short term (and particularly option holders at all!). But don't misunderstand me, its very positive for the longer term for shareholders. Consider this:
I am (rightly or wrongly) of the view that SGC's current asset base could support an overall market cap well in excess of $100 million. The Philippine project, with the right deal, alone could support a market cap far higher than that. So under that scenario, whilst it would be good to have around .04x131 millions exercised in the coming months (=$5.2 million cash), that would increase the shares on issue to 477+131 million (=608 million shares), plus the cash.
An alternative would be to "keep the lid on the bottle" for the next couple of months. Other than report great oil revenue from Canada (which gets sunk straight back into additional well production), but no big news out of Borba, and similarly Philippines. That would very likely see little change in the share price leading up to December 31 options expiry date. Who would convert options with a share price sitting around the exercise price (probably only the uninformed). Thus you don't get the cash, but you also conserve your shares to the current 477 million.

After the options expire unexercised you then make announcements re Philippines plus Borba, the share price is +20 cents - you then issue only 30 million placement shares at say 17 cents, voila you have $5 million cash and 100 million LESS shares on issue.
Scary isn't it? (Especially if you're an option holder).

Would GJ be that calculating? Probably not. But its something to be wary of.