Malcolm,you are making out that these are two seperate thing when in fact they really are the same.Buying at 1-29 now recognises that tui,kupe and pike have potential but still have going forward risk between now and 30 june.With time each risk get removed or bedded in and having to be costed into the SP.Neverthe less by 30 june these unknowns are known so are derisked.Remember the market does not like uncertainty. Coming very soon will be the KUPE development drills. Until now i and most others have paid little attention but as we are now into the gas zone things will hot up one way or another. The outcome of drilling Momoho will have a hugh effect in the SP,as will the development well results when test are finished and released. So all in all to buy an option now to buy the head share on 30 june is about the same as buying the head now for 1-29.Well that is what the market is saying in any event,so no mistory here.