SUMO, page-323

Have you considered the leverage which is on offer with SUMO?

Current: SUM at 25c, SUMO at 9.5c.
2x: SUM at 50c (+100%), SUMO at 25c (+160%)
5x SUM at $1.25 (+400%), SUMO at $1.00 (+1000%)
10x SUM at $2.50 (+900%), SUMO at $2.25 (+2270%)

Of course 10x is a big assumption but also could definitely happen if drilling is successful and realistically if you're investing in options at this end of the market you're doing it because that type of jump is what you're hoping for.

In terms of saying that you've never seen a premium like this in 25+ years of trading then I'm happy to provide some examples which are openly trading today on the ASX. Using the price you can buy the option at currently and taking premium as (option cost + exercise/current share price).

SUMO at 9.4c with an exercise of 25c and a share price of 25c you could claim is a premium of 38% (34.4c/25c). Sep-25 Expiry
ILAO at 2.6c with an exercise of 6c and a share price of 6.5c you could claim is a premium of 32% (8.6c/6.5c). Mar-25 Expiry.
RPMO at 1c with an exercise of 10c and a share price of 7.1c you could claim is a premium of 57% (11c/7.1c). Aug-25 Expiry.
SPXOA at 0.4c with an exercise of 1.75c and a share price of 0.95c you could claim is a premium of 119% (2.15c/0.95c). Aug-25 Expiry.