Hi Malcolm,
The options are excerisable @ 20c before the 31/12/2009. This gives them another 19 months or so to be in the money. The company is in the very early stages compared to the likes of MEE, LNC etc, though has massive potential!
Check the latest quarterly and also this recent company presentation
http://imagesignal.comsec.com.au/asxdata/20080523/pdf/00844802.pdf