Ann: Preliminary Update on Full Year Reserves Report, page-21

IOOF is likely to have another go at this level before the SP goes up. The SP has already factored in the low oil price but market has overlooked that there is 70% hedging on the oil produced.The trick is to lower production so that the company can continue to operate profitably. With cash on hand and loan facility, there may be some cheap leases available at giveaway prices. It is the buyers market currently and AOK is in a great position to benefit from all this.