Until June 2004, they are locked in to A$43 for 24 000 barrels per month and 10 000 barrels per month at US$30-31.
For June 2004-June 2005, they are locked in to A$35-39 for 35 000 barrels per month.
From July 2005-June 2006, they are locked in to 21 000 barrels/month at US$27.
From July 2006-Julne 2007, they are locked in to 8 000 barrels/month at US$26/bbl.
They have an 80 cent put option for US$0.8:A$1 from July 05-June 07, for US $550K to June 06, and US200K thereafter.
The short answer is their existing production of circa 1100 bopd is locked in to A$43 this year, and A$37 next year.
However, new production - Worrior and Worrior-2 once the pipe comes in, and whatever they find in that period isnt hedged, and they should get full price for it.
But the short answer is they dont get a short term boost froim high oil prices.
I'm pretty sure Cooper didnt hedge.
Ian Whitchurch
STU Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Not Held
