RE:hedgingI think they don't hedge for a couple of reasons. Unlike many US companies that hedge, PTA doesn't have any balance sheet leverage. Hedging would make more sense as they become a larger company with production from more fields, but even then I don't think they would hedge more than half expected production. Hedging could be a problem if for exampe Putumayo production got shut in. Hedging Las Maracas and other Llanos Basin areas (as they have more production to hedge) would make sense since production there is not subject to interrruptions. The above illustrates the importance of the new Putumayo transportation routes to Ecuador which improves reliability as well as reducing costs. Maybe they could hedge more at PUT once things are more reliable.