Correct. I wasn't referring to the listed options, but only to...

Correct. I wasn't referring to the listed options, but only to clauses in management pay award options.

As far as our listed options are concerned, Vanoil (Afren's partner in their Seychelles blocks) recently applied to the TSX (and was given approval) to extend the expiry date of 3 tranches of warrants (which are, after all, basically long dated options) by around 3 years. They did this a little over 2 weeks before the warrants were due to expire. All other terms remained the same, and no capital was raised in the process. I bet the holders were pretty pleased to see this move - everyone would eventually and hopefully win from it.

However, it looks to me as if it might be difficult to do something similar on our options. ASX listing rule 6.23.3 says, when referring to changes in terms of options:

"A change which has the effect of reducing the exercise price, increasing the period for exercise or increasing the number of securities received on exercise cannot be made."

So simply extending our option date might be tough. Having said that the ASX has, from time to time, waived rule 6.23.3. In all the examples that I can find, the rule is only waived and the terms are only altered for unlisted/management awards. Does anyone know of any instances where the ASX has allowed terms to be altered on listed options?

Assuming our options don't get in the money, perhaps the best we can hope for is a VERY cheap offer of new, out of the money, options to existing holders.