RJ,
I suspect that most people that believe in the ELK story are expecting the oil price to rise and average much higher than $60/bbl in the medium to longer term. And by then, the hedges would have also expired giving shareholders full upside to the higher oil price.
I doubt anyone would invest in oil companies if they were expecting any different.
Ann: Corporate Presentation - Roadmap to 100 mmbbls and Beyond, page-5
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