Still a couple of hundred million OA's out there with only a dozen or so days left before they have to be submitted to be exercised. 50M of these exercised could be sold into the market for a profit right now, so the owners of these options are either :
1) waiting for further confirmation of drilling to sell them directly or
2) waiting until the last moment to exercise or
3) can't be bothered with the risk, or
4) have forgotten they have them
I think that's covered most of the reasons
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