Originally Posted by
Unicorn
You can only make a wild guess, without knowing the expiry dates of the calls.
One possible scenario is to assume that 187,000 barrels were spread over a year, from July 2007. Tapis hit $92 about December from memory, so the first calls would not have been made. That leaves say 100,000 barrels at $92, against an average of about $122. So an impairment of US$3M. Or about NZ$2M of the bottom line after tax and royalties.
Worst case is probably 187,000 barrels at $40 under market, being a reduction of about NZ$5M off the bottom line.
Neither figure is that significant in comparison to what Tui has delivered. Delaying startup or paying exorbitant interest rates to a finance company to get funds together would have cost somewhat more.