This is an Extract from Senex non deal presentation in March 2017
Oil sales hedged for H2 FY17 guaranteeing a Oil sales hedged for a floor price of US$55/ with full participation in oil prices above US$60/
So what happens to the Senex SP when from 1st July 2017 .... the hedging expires and the price of WTI is less than $55 USD
SXY Chart, page-296
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