The hedges are in the AED corporate barrow. The Chinese could not take action on this issue.
The real reason is that with the low oil production of about 4000 bopd and only 40% available to AED about 1600 bopd they did not have enough oil to meet the hedge delivery.
With the AED propensity to make the worst of most things I wonder if AED closed the hedges before the oil price fell.
Still no news on the tax position of the $600 million payment but the dividend is franked.
AED Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
