and if it was not for the hedges they would have been making...

and if it was not for the hedges they would have been making about $5m more profit per quarter - rough estimate. that is lot of money for a small operator. $5m would have drilled lot of holes. ALK's whole exploration budget for 2024 is around $5m.
The hedge plays big role on the SP in my opinion and will be damaging for the next 3 quarters until that hedge book falls in size by decent amount. And the higher the POG goes the higher the pain will be.

The only remedy for this will be for ALK to make additional high-grade discoveries at TGO that will signal another 10 year extra life and higher profits for longer and well beyond the hedge book life.

And there is lot of fog on the TGO progress front. It seems they have no clear plan and hope for something positive to happen rather than having full understanding what is in front of them. If they do have such understanding, then where are the project timelines and budgets so investors can have good idea how ALK is tracking?