profit up 655% after tax super result, page-7

under the circumstances the result seems a good one

Monkey is right in saying that debt repayments were largely from the Wyllie placement, AMU seemed to be managing its debt by servicing the interest payments from cashflow but now they are being required to pay down principle (on top) at a rate of US$750k p/m. seems to me that this requirement is what is putting a strain on cashflow and the companies exploration commitments coupled with lower commodity prices, ie they are getting squeezed from both sides.
Oil companies are all about growth imo, if you cant meet your exploration budget and farmin commitments you go backwards pretty quickly.

AMU has done a good job of reducing costs further over the last year but some balance sheet strengthening seems prudent in order to give AMU the ability to fully fund its commitments going forward.

Was pleased to see the announcement on development drilling program being accelerated, i am happy to see them concentrate on some of the less risky drilling and build revenue now rather than concentrate on the riskier wildcats atm