Blackgold, If HDR finds oil then MBL will get burnt as the counterparty on HDRWMA. They could hedge their exposure by underwriting some WPL puts, on the theory that HDR and WPL will have high price movement correlation. Their losses on the HDRWMA would be offset by their profit on the WPL puts.
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Blackgold, If HDR finds oil then MBL will get burnt as the...
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