PSA have swaps in place for 11mmcf/d in the second half at US$8.28/mmcf.
They also have zero cost put options in place which need not be exercised.
If production averages 35mmcf/d in second half and prices are around US$12mmcf on average, it's going to be a good year regardless of the amount of depreciation to be charged.
Antman
