To the best of my knowledge this is LVR position – they should be producing @ 32500 oz/qtr, so May 06 sounds a reasonable time to deplete hedge. If you know of any changes I would be pleased to know.
Hedge Position:
Dec 05 Qtr Report
At 31 December, Leviathan had 34,445oz of margin free forward sales at an average forward price of $624/oz with a mark to market value of $(3.0) million. The Company also has 7,500oz of sold call options with a strike price of $640/oz and a mark to market value of $(0.6) million.
Presentation: (MD. Kevin Wilson Nov 05)
Hedge book will be depleted by May 2006 --- No plans to put further hedging in place
LVR
leviathan resources limited
possible turnaround?, page-2
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