how would you price 30m b, page-8

Dougggy,

"Why are you watching it EL? " It's one of the few small producers, I held 3 to 5 years ago, plus most importantly I look a lot, sometimes considering buying, sometimes just testing asset values, doing peer review etc.

As for the hedges, well my point was perhaps more along the lines of it being consistent with STU's LT habit/philosophy, and that sometimes it works a treat and sometimes is a disaster.

STU had no bankers to hedge for 5 years ago, nor were they financially vulnerable to the extent to have noted they recently were, therefore what have they done going backwards for 5 years?

Hedging is a two edged sword, if you're not in trouble then why play with swords,

EL