Spiderman - I agree 100% with that post. And added to that are...

Spiderman - I agree 100% with that post. And added to that are all those who were looking for a quick profit who realise one isn't coming and are getting out. And those longer-term holders who as you say are looking at the opportunity cost.

Opportunity cost is definitely a negative with AMU right now. It's the one factor that has had me think a lot about selling. But there aren't that many similarly undervalued companies about. There are a couple of stocks I wouldn't mind a punt on right now but they're no sure thing either.

Just one further note on valuing AMU - I'm not of the opinion that putting a value on any small oil producer/explorer is simple. There are a hell of a lot of things to take into account before you even get to reserves and future drilling. Sure you can pull a NPV figure out with a calculator but you've still got to think about things like where the wells and leases are, infrastructure, potential problems, weather, how good their drilling crews are, stability of government (at least AMU doesn't have that worry) etc etc. This is why really good energy analysts are worth a lot of money.