watch this today........, page-5

Yes, but would it have not been a good move to sell some forward a couple of months ago at US$70. Do you know if any has been sold forward?

From previous discussions with Hardman, as well as what Simon said during the Melbourne session recently, I think the following paragraph summed it up pretty well...

"In terms of hedging, Hardman do not see the need to commit to any form of a hard hedge since they don't have any huge debt to service, nor do they envisage any large unforeseeable expenditure in the near future. As they have said all along, they will secure investor's equity by securing a floor price for Chinguetti oil via a series of puts and/or swaps. They have not executed any hedging strategy because the price they would get for advance hedging would be heavily discounted to the spot price. This is especially so for new production fields with no previous production/lifting history. As such, I had the impression that no form of hedging will occur until some time after the first delivery. IMHO, the much talked about re-rating should occur around that time, since any form of hedging should provide a clear picture of the minimum, but secure, expected cashflow for the hedged period."