you can buy on the market today forward Brent up to 2020, basically the price AEN got is on average 12,5 % less than what they would got hedging directly  on the market,  of course dont forget  30 million US$ upfront,

basically Credit Suisse will hedge these barrels on the market, they will make a nice 10% on the hedge around 5 million US$ and a couple of million on the intrest, they are happy

AEN is happy because they have the working capital they need for 2013, they are buying time.

Shareholders should be happy as you will have no dilution and you are avoiding a ' cheap' farm in at Fyne.