I dont read too much into PNOO and the 4months remaining til...

I dont read too much into PNOO and the 4months remaining til expirey. I think PNO has an excellent chance of being at 1.5c by then, but for other reasons.

IMO John has shown in the past with OBJ, that he is willing to extend option expiry.

Whether PNOO are in the money or not, I strongly expect an extension. Too many people close to the company own too many options. Stumping up 1.5c is not an option.

Yes, the company could do with extra funds around that time, but their are 3 options at that point:
1) options out of money. No conversion. Do a cr.
2) options are just in money. Offer extension and do cr at 1.5c, ie no worse off.
3) options are well in money. Extend them and raise at the higher sp bringing more money than 1.5c

I see no real reason to encourage conversion. Not when your friends have exposure to millions of shares via free options, or in our case we can get same exposure buying PNOO on market for 0.1c

Thats excellent leverage IMO.