Ann: Notice received under section 203D Corporations Act, page-96

They could have bought out options at say 80 when oil was 95-100. They could have done a collar - bought 80 dollar puts and sold 120 dollar calls which would be cost neutral .

So many resource companies leave themselves exposed. Gold , oil etc . 101 of good corporate governance is risk mitigation . They should have protected their margins for the first couple of years at least .

If you look at how much TAP have spent to acquire and then develop this field you will see return to shareholders will end up near zero