Hedging is ridiculously expensive. It is certainly required if a...

Hedging is ridiculously expensive. It is certainly required if a company has debt or the margin is closing in on the cash costs. Neither applies here.

There has been no costs published regarding the hedging fees that I can find. However, the cash costs has moved up from $16 to $22.40 per barrel. Mubadala are incredibly good operators and have only brought the cash costs down, so I think the extra is the Hedging Fees.

The big two wanted to harvest and that guy at the time, hedged?

Neaves seems to be okay, sold some asset and I think has negotiated a spread of the hedging obligation. Just an observation, so not sure.

When will it be harvest time here? If they really do want to take the Company the Franking Account has got to go.