Tap Oil Limited (ASX:TAP) has reported that it entered into a commodity hedging contracts with BP Singapore.
- 25k bbls of buy puts at a strike price of USD 64.75/bbl for February 2020.
- 25k bbls of sell calls at a strike price of USD 69.25/bbl for February 2020
- 25k bbls of swaps at a fixed price of USD 64.20/bbl for April 2020
For Manora sales, 67% hedge cover is in place for supplies during February 2020 at average price range of USD 62.95/bbl and USD 65.20/bbl, and 33% hedge cover is in place for supplies in April at an average price of USD 64.20/bbl.
By 1:42 PM AEDT, TAP was trading at $0.135, no change from the previous close.