Tap Oil Announced Commodity Hedging Program

  • Jan 09, 2020 AEDT
  • Team Kalkine

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.


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