Usually means: Option with unusually low strike price.
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We found 3 dictionaries that define the word Low Exercise Price Option:

General (2 matching dictionaries)
  1. Low Exercise Price Option, low exercise price option: Wiktionary
  2. Low Exercise Price Option: Wikipedia, the Free Encyclopedia

Business (1 matching dictionary)
  1. Derivatives (No longer online)

Definitions from Wiktionary (Low exercise price option)

noun:  (finance) A European call option on a share or index, with a 1 cent strike price, traded on ASX. Instead of paying an upfront premium, margin is held and marked-to-market daily, making it similar to a futures contract on the underlying asset.
noun:  Alternative letter-case form of Low Exercise Price Option. [(finance) A European call option on a share or index, with a 1 cent strike price, traded on ASX. Instead of paying an upfront premium, margin is held and marked-to-market daily, making it similar to a futures contract on the underlying asset.]

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