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ADX Energy (ASX:ADX) extends oil price hedging position

  1. TheMarketOnline
    7,926 Posts.
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    28/09/21
    11:18
    Post #: 56398863
    • ADX Energy (ADX) is extending its hedging position by locking in another contract with BP at an average oil price of US$71.85 (A$98.61) per barrel
    • The new price is locked in from November to the end of March and is an improvement on its last prices of US$66.03 and US$71.71 per barrel
    • Around 40 per cent of ADX's forecast oil production from the Vienna Basin will flow to BP over the new fixed price swap, or 14,930 barrels of oil all up
    • The energy stock expects the Brent crude oil price to remain above US$70 (A$96.07) per barrel heading into 2022 after sustained increases in 2021

    Read the Full Article on The Market Herald here
    ADX Price at posting: 0.7¢ Sentiment: None Disclosure: Not Held
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