CAP Energy DJ Purchase etc, page-11

Gridder, I see what you're saying, and I hope you're right, but as I see it In exchange of the farm in option does not mean in exchange of the farm in. Think about tradeable options on disallowed, you can pay cash in exchange for the option [to purchase a share for a given price before a given date] but you have not bought the share when you bought the option. Exercising the option is not the same as acquiring the option. IMO exercising the option would be FAR making a commitment to drill by July 2018.

But that said, you could well be right, and the correct meaning could be lost in the 'transcription' of media reporting and HC posting and use of sloppy English. If 'exercise' actually means 'purchase' or 'acquire' then we may well have secured the option by doing the 3D, and the option is truly exercised by doing the drill; i.e. if we do the drill we get 75%, if we don't, we get nothing and presumably Trace/Cap keep the 3D data.