THAILAND-focussed Tap Oil said today it is about to be hit hard by COVID-19 and oil price issues as its oil hedges roll off. Currently 37% of its production is hedged for April at US$64.20 per barrel, which equates to 25,000bbl of 67,500bbl.
Tap shares the Manora oil field offshore Thailand with Mubadala. "There is no protection for future sales," it said this morning. It said hedging will be revisited once a second half of 2020...
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