Disagree croasian - ORG hedged at the bottom (or close to it) STO have wisely seen the writing on the way to BEGIN hedging around the current levels (which are 40% above lows) - they haven't put all their eggs in one basket so if by chance oil does go to $65 in the next 12 months then they will have plenty of exposure to the upside. Hedging isn't about the upside - it simply provides a base/support for the downside...
Ann: 2016 Third Quarter Activities Report-STO.AX, page-21
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