how would you price 30m b, page-6

Dougggy,

With hedges sometimes you win and look smart, other times you lose and look pretty dumb as STU did around 2005 with most of the Worrier output hedged at some ultralow price when oil was just taking off.

Nothing like the only oiler that hasn't raised funds since the crash. CVN,PPP,NZO,COE just to name a few I follow have not had to raise cash. Most of the smaller ones have little or no production, and are always raising cash, crash or no crash.

"Otherwise there wouldn't be a STU!"

A bit of an indictment imo on a company that has nearly depleted it's prime asset, to be so close to the brink, and to only survive through an artificially high poo derived from hedges. I guess if I were that close to the brink I might have hedged too.

EL