a reality check, page-11

Autosime

Amadeus recently repaid approx US$9m on borrowings thru the partial sale of its Raccoon bend asset.
It has always been my understanding that AMU is on very good terms with their bankers and as MJS pointed out that is no surprise when you look at their considerable cash flow from operations.

Recent selldown overdone imo and probably due to some dissapointment over Schwing #2.

AMU absolute bargain atm
Huge cashflow
very low lifting costs
high success rate on drilling
building reserves constantly

only thing missing is market sentiment which i believe will in time return. Oil sector generally is beginning to find favour with the market and Amadeus is to me a standout opportunity with its mix of development and wildcat drilling all self funding. No need for Co to return to market for capital injections.
AMU currently trading at conservatively half its real value.

cheers

Reservoir Dog