Somebody asked Eric at the AGM if he had considered hedging...

Somebody asked Eric at the AGM if he had considered hedging (both oil and the A$).
Eric replied along the lines that they had been approached and from that one could assume that Eric was possibly planning to hedge.
Obviously way too late. They should have hedged back when the POO was around US$48-50 and when the A$ was around 0.74. At these levels our production would have been very profitable, and we could have locked in a years worth of good profit and cashflow.
I think a lot of MD's tend to believe the more bullish forecasts and decide not to hedge , but in our case it is a no-brainer to lock in profits and see us through the rough patch . Too late now because nobody is too sure what effect and for how long , the US shale producers will have. It does seem however that the world economy is picking up , and oil consumption will rise to where we might see some equilibrium before year end.