profit up 655% after tax super result, page-8

AMU basically started going for the higher risk wildcats as they didn't feel the sharemarket was valuing their lower risk lower reward plays. Results of the high risk is zippo to date. It's all good stating theorectical finds ... but it is nothing at the moment.

Skitzo ... two points re the capital raising:

1. With $30M or so cash flow, they can still afford a healthy $15 million exploration while still meeting the debt commitment AND paying a 1 cent dividend. That speaks for itself. Note that average oil price last year was below current price, with average gas price being higher than current gas price;
2. Shareholder (and my) frustration is that they have in no way tried to include current shareholders in this. Not even raising money plus a SPP of $15k so shareholders can support / buy extra shares if they way. THAT, the WAY it's been done, is the bigger frustration than the event itself.

MJS