RE:RE:RE:PIPE is a bargainI meant 'the remainder of 2021' but I guess that should be clear? Last year was a write off for most companies. I've already forgotten it.
Say the WTI hedges cost us $3.5-4.0M a quarter. It's an insurance policy and it seems like an unnecessary expense until you need it. Last year they had substantial realized gains from their WTI hedges, so they needed it. I'm sure by the time we get the next update additional 2021 hedges will have been layered in, and they will be at significantly higher prices than PIPE's 2021 hedges. That's just the way it goes.
If futures prices move up to match current spot pricing, PIPE is worth a lot more than C$1.60. It seems so simple. It's not, but it's fun to watch.