so - um - what happened ?, page-6

They have sold the Kansas assets and a couple of minor/peripheral leases
That leaves the Texas assets. It was said at the AGM that since the TNT transaction AMU had identified up to approx $100m worth of exploration upside on the texas assets.
as you rightly point out the market cap is a poor reflection on the value inherent in the assets.
The assets just sold represent approx 49% of the reserves held by AMU prior to the transaction, so you could infer that there is no premium here for exploration upside nor future earnings