The only problem is that there are hardly any options for sale...

The only problem is that there are hardly any options for sale ($8K up to 2c) so it would be difficult to accumulate many anyway. If there was a takeover attempt (and let's just iterate that we're heavily speculating right now), then I certainly won't be giving my options away cheaply. I'd prefer to see what offer they'd put on the table first. Realistically I would think they're only going to be interested in a takeover once they are more certain of viable fields and I can't see them successfully taking over OEX for 20c if that eventuates. So I believe the cost of buying the options would end up being only a small part of the total cost of a successful takeover.