when you chat to him ask why this deal was preferable :$2.5-3.5M...

when you chat to him ask why this deal was preferable :
$2.5-3.5M at 10.5c
rather that bringing in $5M for the exercise of the OAs at 12c?
He probably could have even had them underwritten. This just makes no sense, especially given he holds a crap load of OA's.
Unless he knows there is news around the corner that will get the OAs in the money as well.
They will need a lot more that $3M to build the pipeline and drill another 6 wells. So maybe he wants to grab both?

To not have a plan to get the OAs in the money seems rather immoral though given they give the company a better return that this CR.
Very interested to hear his response.