Ann: Quarterly Activities Report , page-5

The production numbers are certainly a bit dissapointing, but what can you say the Northern winter was a doozy this year. You just have to roll with the punches when it comes to mother nature. Volumes partly offset by higher prices.

For me the big ticket item here is the debt reductions and renegotiations. Cash at bank is building and debt is reducing, they seem to be making good inroads on this front.
The current renegotiation of the companies debt facility will accelerate repayment and improve the free cashflow. Debt and its impact on cashflow has been a significant issue for AMU and i am pleased to see this being adressed.

Gas market still seems weak but the outlook for oil seems OK, will we see exploration focus more heavily on oil prospects in the future ?