hi keygeoI think there are several factors that have held AMU...

hi keygeo

I think there are several factors that have held AMU back in the past, imo hedging has significantly limited AMU's ability to benefit from strong prices although at times it has served them well, debt levels have also been a concern as well as the depressed state of the gas market.
The composition of the register could also be a contributing factor.
As for the above, much has changed in the last 12 months.
The Eden bid, although unsuccessful due to funding demonstrates that other O & G entities DO see the value in AMU.

I see commodity prices staying fairly strong and this will greatly enhance AMU's cash flow and bank balance, particularly with the closing of some hedge contracts. AMU is now debt free but retains a sizeable credit facility should an appropriate asset become available.
For the time being i think that they should just concentrate on their knitting... open up the shut-in wells and follow up on low-medium risk targets, of which they have many.
As for the buyback, remember they dont have to buy the full 10%, but just having it active could be a positive thing. They certainly are cheap !
Divvie would go a long way to making AMU more attractive to l/t investors.
Dont rule out a TO in the future if AMU sp doesnt start to reflect true value