Kunlun's Stock Options: Exercise for the Fat

Senior executives at Kunlun Energy, a Hong Kong-listed unit of China National Petroleum Corp. (CNPC), might be making small fortunes on a batch of equity options coming due in January.

Four executives awarded options for blocks of stock at January 2007-prices are currently raising, sometimes by selling shares on the secondary market, cash they need to exercise packages valued at a combined HK$ 272 million.