TAP OIL LIMITED ASX ANNOUNCEMENT | Tap Oil Limited |
ABN 89 068 572 341 | |
Level 2,190 St George's Terrace | |
14 December 2020 | Perth WA 6000 |
Australia | |
ASX:TAP | T: +61 8 9485 1000 |
F: +61 8 9485 1060 |
E: info@tapoil.com.au
www.tapoil.com.au
Commodity Hedge Program
Tap Oil Limited (Tap or the Company) advises that it has entered into further commodity hedge contracts with BP Singapore Pte Limited (BPS) to cover the scheduled January 2021, February 2021 and March 2021 Manora crude oil liftings.
Details regarding the additional (Third Hedge Tranche) Quarter one 2021 crude oil hedges with BPS are as follows:
- 17,000 bbls of swaps in January 2021 at a fixed Dubai crude oil price of US$46.60/bbl
- 17,000 bbls of swaps in February 2021 at a fixed Dubai crude oil price of US$46.60/bbl
- 17,000 bbls of swaps in March 2021 at a fixed Dubai crude oil price of US$46.60/bbl
Total Q1 2021 hedges now in place are tabulated below:
Tap Q1 2021 Net Hedge Volumes and Prices
January 2021 | February 2021 | March 2021 | |||
Lifting Volume | 90,000 | 82,500 | 82,500 | barrels | |
First Hedge Tranche | 30,000 | 30,000 | 30,000 | barrels | |
Second Hedge Tranche | 25,000 | 20,000 | 20,000 | barrels | |
Third Hedge Tranche | 17,000 | 17,000 | 17,000 | barrels | |
Total Hedged Volumes | 72,000 | 67,000 | 67,000 | barrels | |
% Hedged | 80% | 81% | 81% | ||
Unhedged Volumes | 18,000 | 15,500 | 15,500 | barrels | |
First Tranche Dubai Swap Price | $42.20 | $42.20 | $42.20 | US$ / bbl | |
Second Tranche Duai Swap Price | $46.40 | $46.40 | $46.40 | US$ / bbl | |
Third Tranche Duai Swap Price | $46.60 | $46.60 | $46.60 | US$ / bbl | |
Weighted Average Dubai Swap Price | $44.70 | $44.57 | $44.57 | US$ / bbl |
Hedging has been implemented against Dubai crude, the reference against which Manora crude is priced. 2020 year to date Dubai has traded at a US$0.31 / bbl premium to Brent when Manora crude was lifted.
The next lifting is scheduled between 4 - 6 January 2021. The diagram below updates actual and forecast lifting volumes, hedge positions and realised post hedge prices.
Authorised by the Board of Tap Oil Limited
Investor enquiries
Chris Newton | Derrick Wan |
Executive Chairman | Commercial Manager |
Phone: +618 9485 1000 | Phone: +618 9485 1000 |
338844
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Tap Oil Limited published this content on 14 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 December 2020 07:10:04 UTC
