options

I am looking at the options both the OAROC and OARO to figure out the best buy and am confusing myself. I think that there are 2 different plays going on at the moment 1) trading the options and 2) holding the options to convert. I also think that the plays are obviously relying on the SP response to any +ve announcement that may be forthcoming.
OARO is trading at 0.006 with a conversion at 0.04 which gives a total outlay of 0.046 whilst OAROC is trading at 0.009 and converting at 0.03 giving a total outlay of 0.039. To my thinking the OAROC would be the best buy for anyone looking to convert.
On the other hand OARO is the better option for trading as it is cheaper and will likely have a higher % gain on news... I think?
Is my logic right or have I missed something? Welcome others view on dealing with the 2 options which convert within a month of each other.
I must admit that I have changed my own options from O to OC sometime ago at the loss of 0.001 per share as I thought long term it was a better option.

kippax