ADX Energy has re-hedged 40% of its Austrian oil production to the end of this year at a price of US$66.03 per barrel compared with the hedge that ended in April of $41.77/bbl, far below Brent prices nearing $70/bbl.
The new contract is with the same party, BP, and the total volume covered via the new fixed price swap will be 18,035bbl. Its Gaiselberg and Zistersdorf fields produce around 340 barrels of oil...
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