Ann: Closure of Hedge Book, page-25

RRL probably saw this as the best way to deploy capital as there appears to be limited options in the M&A space right now, and the chances of another big discovery around Duketon appear to be falling. McPhilly's is still years away from contributing to the bottom line, so the clearing of the hedge book might be their way of signaling a fresh start. I still think the Tropicana deal was a major strategic mis-step as they paid way too much for it. If they hadn't done that they could have acquired a couple of good quality projects by now for far less.