vilo options, page-136

"the only risk in the options is that the annoucement underperforms; thus VIL shareprice will most likely end up in panic and be dumped."

Correct jase. There are no guarantees and VILO is very risky. No doubt about it. For every 1M VILO you buy, you are actually getting better upside leverage than VIL for roughly $60,000 discount. If for some reason this well is not commercial, VIL will be down to 3c tops and VILO unsellable at 0.001c.
However, if it's commercial with lots of oil as per announcement:
"high percentage of clear high gravity distillate (light crude oil or condensate)",

then leverage is with VILO.
I hold both.