my comments are always genuine but admit that I may have...

my comments are always genuine but admit that I may have misunderstood the hedging(?)

so is this a non-cash item required by IFRS or will they actually have to deliver into the hedging contracts?

my limited understanding is that they write a call and use the proceeds to buy a put to create a collar hedge

if the put is say 60 and the call 80, don't they have to deliver or settle the call contract given a price well above 80? this is a real loss isn't it just as the put would provide a real gain had oil price fallen below 60

regards