"At present the Company has approximately 46% of its oil locked...

"At present the Company has approximately 46% of its oil locked at a swap hedge price of US$70/Bbl which will reduce to approximately 23% from 30 June."
I guess part of the reason why the trading at a signifcant discount to its assets - and yet still strong cash flow ?

does anyone no how this mark to market swap hedge works with the accounting - as the ebitda is only $2-$4m. (normalised ebitda is $10 12m.) ? ?

GK