(b) Other Share Options The Group had granted other share options over unissued ordinary shares in the Company during the financial year to Directors.  The exercise price of other share options is based on the weighted average price at which the Company’s ordinary shares are  traded on the ASX during the 180 trading days before the options are offered. Other share options may be exercised after the  date the option was granted. If there is a change of control of the Company, all unexercised other share options will become  immediately exercisable. Other share options granted carry no dividend or voting rights. When exercisable, each other share  option is convertible into one ordinary share of the Company. Options issued to Directors are approved on a case-by-case basis by shareholders at relevant general meetings. The following summary reconciles the outstanding other share options over unissued ordinary shares in the Company at the  beginning and end of the financial year: The weighted average fair value of other share options granted during the financial year was $2.75 (2010: $2.40). The weighted average share price when other share options were exercised during the financial year was $7.17 (2010: $10.60). Other share options outstanding as at 30 June 2011 had a range of exercise prices from $9.48 to $14.07 (30 June 2010: $2.95 to  $14.07) with a weighted average remaining contractual life of 990 days (30 June 2010: 446 days). Details of other share options outstanding at the end of the financial year are: Grant Date  Expiry Date  Exercise Price Per Option  Number 23 November 2009  12 November 2013  $14.07  1,000,000 18 November 2010  18 November 2014  $9.48  500,000 Total other share options  1,500,000 Consolidated  Consolidated 2011 2010 2011  Weighted Average 2010  Weighted Average Number  Exercise Price Number  Exercise Price Balance at beginning of financial year  5,250,000  $6.15 5,500,000  $4.22 Granted during financial year  500,000  $9.48 1,000,000  $14.07 Exercised during financial year  (4,250,000)  $4.28 (1,250,000)  $4.00 Forfeited during financial year  -  - -  - Expired during financial year  -  - -  - Balance at end of financial year  1,500,000  $12.54 5,250,000  $6.15 Exercisable at end of financial year  -  - 4,250,000  $4.28 73 Karoon Gas Australia Ltd  Annual Report 2011