If you're referring to maximum leverage, the OGXOB's are well in...

If you're referring to maximum leverage, the OGXOB's are well in the money and therefore have a delta of 1.00 which means they should move cent for cent with the underlying share, particularly now that the price reflects almost entirely intrinsic value and virtually no time premium. The OGXOC's have a delta of about 0.45, so will move approximately half a cent for every cent movement in the underlying share. The sweet spot to switch out of OB's and into OC's would be when the underlying share hits 25-26 cents with the delta approaching 0.70 IMO.

That said, you would need to consider the liquidity and bid/offer spread of both series as there is no market maker here to offer you a combination trade as in the ETO market. There are also CGT considerations re buying/selling/exercising etc which i'm trying to get my head around if there is a change of Gov't on July 2!

Personally i feel the OC's are a bit expensive, probably around 4.5 cents would be fair value but they are tightly held and buyers seem happy to pay a premium...

Disclosure: holding both OGX and OGXOB skewed 3 to 1 to the latter.