Unless you are very nimble, these may not be as attractive as...

Unless you are very nimble, these may not be as attractive as you think they are. I would say their value is spot on given the fact APC will be raising $60M in the near future (if MS is telling it as it is).
The current SP has had a good run but the current MC is significant compared to peers. I'm sure MS is doing everything he can to push it as high as he can with his announcements and no doubt his brokers will try and pump it if further near to the equity raise.
There may be some favourable tailwinds if KLL & SO4 show some solid production success and the gold is a wild card but based on KLL & SO4 you can expect the SP to fall significantly following the big raise. Do you want to be left with overpriced options to convert in that situation?