is stu's hedging a dampener?

STU's got a lot to like, and hopefully a whole lot more if (when?) Arwon comes in, but why have they persistently rushed into what looks (with the wisdom of hindsight admittedly) over-cautious hedging arrangements. With something like 540,000 bbls pa hedged at the low-mid A$40 mark (from memory) STU is seriously short-changing itself. ARQ is a smart operator and currently have zilch hedged and are reaping huge benefits, although they may be considering hedging some at around current levels. Does anybody know what they plan to do with future production near-term? i haven't managed to find any stated policy by STU. It seems quite an important point with even Greenspan now talking openly about the prospect of US$60+ oil becoming reality. What do others think?