1 option at half a cent ex at 25c for every 3 shares...

1 option at half a cent ex at 25c for every 3 shares held...entitlement date early March I beleive.
Am buying more with a bid at 20.5 on market at the mo.
Will sell off some stock prior to TD and keep the options for potential upside thus derisking this investment substantially.
Easy play.

PEL 516 is first cab off the rank.

PEL 516 Mudlalee Block (AQO earning 60%)
Ambassador previously concluded an agreement with Senex Energy where it could earn a 60% interest in
the PEL 516 Mudlalee block by drilling one well. The operator, Senex Energy has advised that subject to
joint venture approval, Ensign Rig 20 has been contracted to drill the Kruger 1 exploration well in the PEL
516 Mudlalee Block commencing on or about 25 February following mobilisation to the Cooper Basin.

The Kruger 1 exploration well is targeting a recoverable oil potential of up to 380,000 barrels.

I got this report regarding PEL 516 today and is 2 days old.

Senex Energy (SXY) could be the Cooper surprise with its liquids-rich PEL 516 potentially being the most profitable.
Best block in town. As a potential wet gas block, SXY’s PEL 516 could be a company-making block. In particular, the Mettika area looks very promising with large adjacent fields such as the giant Toolachee wet gas field. SXY’s recent farm-in to PEL 115 along with its pre-bid
stake in Orca Energy (OGY) could be the first indication that thecompany is seeing what our research is suggesting.

Farm-in uplift. With BPT possibly looking around for farm-ins, we would expect SXY’s PEL 516 to receive a lot of attention. Add in the
fact that BG is a ~7.9% shareholder and we can foresee some major headlines regarding this block.