Ann: Strategic Review, page-31

coopec for someone who seems to spend much time researching I am surprised at your lack of knowledge on what is available to an oil producer in the form of hedges.
Hedging is a very very big part of the business.
TAP management new they were close to production well before production start date.
TAP management also new of their debt levels at the same time.
The decision not to hedge at the time was not only risky but has turned out to be the biggest factor in losing shareholders wealth to date and has undoubtedly put the company in a position that they will bee forced to sell assets at a very bad time.