DLS bulls are coming soon?, page-12

Corporate - that is correct . What I am saying though is for 900k of DLS 1.4m BoE production this half ( which includes gas so oil production may be 1.2 m) DLS is hedged at 60 , so unless oil exceeds 60 DLS only has a marginal benefit. I would argue that the fact oil has risen with the AuD this rise may in total be nuetral as the 60 hedge has become less valuable when you incorporate the AUD rise. At 60 with an AUD of 69 DLS was selling oil higher than it is at 60 dollars with an AUD at 72.5 AUD. Thus this recent change in oil price due to the recent increase in AUD has resulted in an offset of benefit to DLS. In fact the hedged production is less valuable with AUD increasing than the unhedged production which has seen USD oil go up but AUD oil go up by less. BPT being predominantly unhedged gets a larger benefit as all its production benefits. This off course only applies upto Dec due to the large % of hedging production DLS has this half and the benefits become better for DLS next quarter.
Does the above make Sense ?

Still prefer DLS, as they still a generating a much higher AUD oil price relative to others and of course have more revenue relative to market Cap than all of their peers

Monday will be interesting with oil not being able to stay above 50. My guess is BPT will drop 3c -4c whereas may drop 1 , resistanlishing the price gap . I also think oil will consolidate and have another crack in a week or so