FerryboyAre you sure about the PwC people at AOI are working hard to "insure compliance"?
I do now see audited financials from Prime for 2020. I do now see that PwC is the auditor for both Prime and Africa Oil.
I do see some discussion about Prime hedge positons in the annual report. It's pretty small like about $5M. These are financial hedges. Not specifically disclosed exactly what they are. Puts, Calls, Costless Collars, Futures Contracts, probably something like that.
Prime is out only significant cash flowing asset at Africa Oil. The issue is broader than the hedge accounting for AOI. It is really the whole JV accounting and disclosure at Africa Oil that is in question now under IFRS.
I propably used the wrong term to call it Hedge Accounting. It is specifically the forward sales contracts that are not disclosed by AOI as the public company with our significant investment in Prime. Prime is the entity that has entered into these forward sales contracts, that cover so far the reporting for 2020 and first 9 months of 2021.
Perhaps your contacts at PwC on this AOI account can keep you abreast of future developments here with regard to the accounting and disclosure by Managment and BOD at Africa Oil, and you can report back to the blog here as appropriate.