oppies are a steal, page-10

trainwrex
Sorry, I don't see the logic to your points - not trying to change your view, but just don't see it the same way.
"Analysis of the well may take longer than the june expiry of the options" - doesn't matter if the hole is positive as the oppies are well in the money as well as trading at a significant discount. So exercising them in June would still be a winner.

"Secondly with less volume its harder to buy and sell decent sized parcels without manipulating the share price" - this also works in the positive direction ie if there is good news the low liquidity forces scrambling buyers to take whatever the sellers are asking, particularly if the oppies are at a discount to the fulls ie an arbitrage opportunity exists.

The point is that the oppie price reflects not only the fulls + the exercise, but also the market's perception of the future price of the fulls. If the market believes the fulls will be the same next week as they are today, the oppies will trade close to par. If the market believes the fulls will be higher next week than today, the oppies may trade at a premium. BUT if the market believes next week's full price may be lower than today, then the oppie buyers will seek to protect themselves by only buying at a discount.
It's all got to do with the arbitrage - the profit to be made by converting an oppie & then selling the resulting full share & the time it takes to do it.

Just my opinion