rubbery figures, page-35

I do not know, but the put and call options may have had a more significant effect on profitability than anticipated.

'To provide downside protection
against any substantial fall in oil
prices, PPP hedged by way of put
options approximately 719,000 barrels
of oil being 50% of the first three years
budgeted production and 22% of its
total share of reserves. This hedging
ensures that Pan Pacific will receive a
minimum price of USD$50 per barrel
for up to 719,000 barrels, even if the
oil price drops below that level on the
relevant dates. The Company partly
offset the cost of these put options by
selling call options, which may require
the Company to deliver no more than
187,600 barrels of oil at USD$92.00 if
the price of oil rises above that price."