Probably best to call Adrien Wing, Challenger Energy Limited’s...

Probably best to call Adrien Wing, Challenger Energy Limited’s Company Secretary, on +61 3 9614 0600 to get the specifics. Each new Option is exercisable at 20 cents ($0.20) and an expiry date of 30 June 2016. With options their are 2 types (not just PUTS and CALLS) but American and European style. American style options can be exercised at any point in time during the life of the option. European style can only be exercised at end of its life at maturity. My understanding is CELO wont automatically convert to shares when share prices hits 20 cents. Of course, you can sell the CELO at anytime til expiry. With the share price above 20 cents they would be in the money.