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Commodity Hedging Program

Source: 5/28/2020, Location: Asia

Tap Oil Limited has entered into commodity hedging instruments with BP Singapore Pte Limited.

Details regarding the contracted hedges with BP Singapore Pte Limited are as follows: -
- 37,500 bbls of swaps at a fixed price of US$35.5/bbl for the month of July 2020
- 27,000 bbls of swaps at a fixed price of US$36.20/bbl for the month of September 2020

Hedging has been implemented against Dubai crude, the reference against which Manora crude is priced. The medium sweet Manora crude oil continues to be sold at a premium to Dubai crude. The Chart below updates Tap’s lifting and hedging position for 2020.

Executive Chairman, Mr Chris Newton commented:
“Consistent with its strategy, Tap has taken the opportunity presented by the recent global crude oil price recovery to protect its downside and lock in positive cash margins on the barrels hedged, while maintaining upside exposure to unhedged barrels. The Manora Joint Venture partners tactically took advantage of the Manora FSO’s 600,000-barrel storage capacity to not lift any Manora crude between early April 2020 and late May 2020, when oil prices bottomed out.”

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