Ann: Annual Report and Notice of AGM, page-2

Highlight: "In line with the hedging policy Horizon Oil executed additional commodity hedge contracts during FY 2014 in respect of both Beibu and Maari oil production. Following the commencement of production from the Beibu fields in China during March 2013, the Company executed hedging during July 2013 and February 2014 covering 1,650,000 barrels of Maari and Beibu production over a 24 month period to July 2015. This hedging comprised a mix of collars and swaps and secured production revenue during a period of significant growth of in excess of US$158 million. The production volumes hedged equate to approximately 50% of forecast production over the period. As at 30 June 2014, 842,500 barrels of Brent oil price collars and swaps remain, securing production revenue of in excess of US$80 million over the 13 month period to July 2015."

Basically, they have already sold 842,500 barrels (50% of the expected oil production this year) at more than $95: #callthemgenius. Comments anyone?