On Market BBUnder the rules the share price could move from...

On Market BB
Under the rules the share price could move from $0.13 to $0.17 in one month under the following assumptions
a) start VWAP of $0.13
b) VWAP on a trading day equals the Max BB Price truncated to a 0.005 increment
c) stuck at same value for 3 days initially, then 2 to 3 days, then 2 days as the 5% increment gets bigger with share price .
d) does not take into account ability to buy at Centre Point, i.e., $0.0025 increment
e) does not consider VWAP higher than truncated MaX BB Price

Likely to shake a few lose - get a reasonable quantity.
$0.17 is probably a sensible initial price target as NPV would be higher.
Can take 2 months or perhaps more,. This would be a good result.
Cost would likely be modest depending on willingness to sellers.

Two objective
a) higher share price
b) increase NTA / remaining share.

My guess is that an on market BB will be first, and hopefully prior to the annual, e.g., start May of June - perhaps wishful thinking, but I believe that financial position should be clear enough now.

Off Market BB
I suspect that an Off Market BB may follow after the Annual Results are announced, and NTA is known - although a BB would probably have to be at a premium to NTA (but at a discount to estimated NPV at USD$60 oil).
If they can distribute NZ franking credits, this may form the basis of a first leg. No idea if this is possible. Just makes sense to me if it is possible.

Consolidation
I can suspect that there are benefits in a consolidation: smaller increment discourages scalpers; helps on market BB dynamics; get out of the penny dreadful bucket. Having said that I doubt that they will do a consolidation, due to cost and a perception that they don't work, and can have a negative effect - as shown by statistics. Then again there are lies, dam lies and statistics!

Options as Incentive
I don't think options make any sense from a Capital Management/Distribution position.