After IPO at $0.20 per share plus option, OIP's shares on issued...

After IPO at $0.20 per share plus option, OIP's shares on issued is 155 millions shares. With the current price is $0.096 per share, then 155 x 0.096 = $14.88 millions
Options 119 millions, current price is $0.021 per option. Then 119 x 0.021 = $2.50 millions

So, the full market capital is 14.88 + 2.50 = $17.38 millions
while OIP's cash at hand is $21 millions (no debt).
OIP's cash at hand is much more than OIP's market cap.

Another way to look at, to see how much cash per share is : say if $4 millions in cash is for all the OIP options, leaving 21 - 4 = $17 millions for all OIP shares. Then cash per share is 17 / 155 = $0.1096 per share.
It means that if you buy one OIP share at 9.60 cents per share (current price is $0.096/share), you will get 10.96 cents per share in cash, plus all the oil exploration licenses for free.

Note that from OIP's prospectus, OIP's interest in PELs 8, 422, 424 has the "potential" of 1000+ mmbo (Gas or Oil In-place estimates relate to the “most likely” resource potential)

The above is just for entertainment. Please do your own research (and correct the above if you see any error).