RLEOA, page-96

djwally

That sounds great in theory, but in practice, the ASX approves all Notice of Meeting ("NOM") requests, and they would hardly approve a NOM if they had not granted the applicable waiver.

As I understand the situation, RLE requested a waiver and did not receive the approval in time for the 28 day notice of meeting. Therefore, the extension cant be granted in any case, despite the best efforts of management. My experience with ASX is that they are slow to grant these requests and if pushed, they will generally say no.

On that basis, I doubt that the extension is now feasible, but it is not yet a given that these will expire worthless, as there are still a few potential avenues for exercise of the options, including, some positive movement in the share price from a number of potential avenues. It is only a 2 cent buffer, FWIW.

At the end of the day, these options were granted free to shareholders, and they were always a risky proposition. From where I am sitting, the current noise around the options is swaying the view on an undervalued gas stock, with lots of potential. We just need the dice to fall our way for once.

Hope that helps.

AL