I might need to be corrected here but my understanding is that...

I might need to be corrected here but my understanding is that the options can be exercised at any time prior to the expiry date.For example in the prospectus it states........1 fully paid share for every option upon payment of 12 cents per shareon or before 31 March 2006...... and similarly for the 15c option...on or before 30 June 2009. There are something like 33mil 12c ops which when exercised will give rise to 33mil 15c ops and there are already 28 mil 15c ops. So if and probably when EBR hits 30c and if all options exercised the company picks up about $13mil (it already has $7mil) and this could all happen quite quickly. They will have plenty of cash to continue with exploration or more hopefully production. We will also have plenty to smile about.