ppp and nzo, page-11

I don't think you are right towie.
Other companies have down that before - simply extend the perion for acceptance by 6 months or whatever.

In fact if I could quote the NZOG chairman again from his AGM address (Oct 26,2007).
"Some investors have asked whether the term or other conditions of these options may be varied. At this stage,the Board has no such proposal. Having said that, I assure you the directors are cognisant of the fact that the exercise of a prior tranche of options brought a substantial sum of very useful equity capital into the company in June 2005 and that the share options can be a valuable trading mechanism for certain investors."

Now I take from that that NZOG does not intend to change the timing at this stage (end of Oct) but if it become necessary it would certainly consider it.

I suspect though that NZOG will be attempting to encourage a reassessment of the NZOG sp by :
(a) producing stunning results from TUI cashflows
(b) helping Pike River Coal to get up and running by end of March 2008
(c) announcing some new ventures or farm-ins along with its JV partners
(d) perhaps some other rabbit out of the hat.

The chairman is on record recently saying that he intends to get the share price upgraded. So I can see an all out effort from January onward to convince the market that NZOG should be regarded better.

PPP should benefit from those efforts.

If they need to alter the conditions of the Options - they will. They are not going to let NZD$200 million plus slip down the gurgler.