My reading of the last announcement is that they are taking hits to profits in 08 to get to an unhedged position.
In 09 financial year, profits will surge because they will be selling nearly all oil at market US$140 rather than a large wack at US$50-70 in 08 because of the hedging.
The hedging would have been a drag in 09 too but would they did was close them out, presumably by buying back at US$140~. That cost $50m cash.
09 profit should surge if oil stays at these levels and put them on a ridiculously loe PE
profits, page-7
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