"In the present case, the option is contained in a document which is separate from the lease. It confers an option on the assignee as against the assignor. The landlord is not involved. Moreover, the option holder is described as "the Purchaser" and not by any expression which would restrict its capacity to that of tenant under the lease. If the position had been otherwise, it would clearly be arguable that its status was limited to its status as assignee pursuant to the assignment to it by Lloyds ... I have already found that clause 12 has the meaning explained above. It would not be justified to add to that meaning. On this basis, the put option did not cease to be exercisable on a permanent basis when the lease ceased to be vested in the oil companies. At that point, it ceased to be exercisable but it became exercisable once again when the lease was revested in the oil companies. The indications are that the parties did not contemplate that the Purchaser would assign the lease and then take a re-assignment back to itself. However, by the same token, the parties have not included the provisions necessary to prevent that happening."

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