When IO goes up they tell us there's no upside because we're...

When IO goes up they tell us there's no upside because we're hedged,
when IO goes down they tell us we're losing money.

Dec Q hedged production was at average spot rates from the Sep Q.
Current Q hedged production at average spot rates from Dec Q.
To suggest that this Q will be similar to previous Q is not possible.
Look at the difference between ave spot price for Sep and Dec Q's.

Given the current discount of 57% AGO hedge looks to be not too far off the money.

It looks like there's blood in the streets people...you know what that means!