Like a lot of holders I took a big hit following that awful...

Like a lot of holders I took a big hit following that awful announcement and I decided to sell and got out with a small profit.

I still have hopes for TNR but don't want to risk my capital as the trust in the management is somewhat diminished.

Ive read a lot of comments about options which Ive never bought but having looked in to them it might be a safer option (excuse pun) than holding the shares.
However there's a couple of things Ive been unable to find out so at the risk of appearing stupid I thought I'd just ask a couple of questions.

When you buy an option how do you find the price you have to pay if its in the money. This I believe is the strike price. Is it the price of the share at the time you buy the option??

There are 100 shares in each option. If as hoped the price goes up do you have to pay the strike price on each share in the option or just each option itself.

I know if the option price does nothing then I lose the money come February but its nothing compared with the tens of thousands of profit I saw vanish with that leaky ship leading up to the announcement.

Thanks in advance for any responses.