The way I see it, there is risk between now and Nov 25th for the...

The way I see it, there is risk between now and Nov 25th for the oppies. if the drill hits dusters, then the heads potentially can go below the strike price making the oppies next to worthless. On the way down the heads would be heaps easier to liquidate than the oppies (if you could sell them at all)

However, with the new drillers coming in, the date of results gets pushed back to early Dec, potentially giving you enough time to convert if you wish prior to results. The fact that the drillers are getting 2c a share on their payday could put a base on the share price