The other side of the coin is that within the life span of the...

The other side of the coin is that within the life span of the options we should/will have drilled our two current prospects. Success on those would presumably result in a significant uplift in value, and if we don't all hope/expect this then I don't see why we'd be holding any of these shares at all.

Given the current share price, effectively we are being asked to buy the options at 0.002c. The strike price is 0.018c. So the options start getting attractive if you can envisage the shares above 0.02c at any time in the next two years.

I agree with ronnieboro that the timing is a bit rubbish. I don't necessarily expect the timing has anything to do with bad news, but to ask us to commit without visibility on the AWE decision and first thoughts on the Seychelles data seems pretty odd to me. For this reason I expect we will get some visibility on these items next week, or the offer will be extended till we have the info we need. I'm not making up my mind till any such news is published.