I think it would be more market frustration than scepticism.
Combined with the perceived complexity of the business. Todays announcement means that each well on average produces around 23 bo and 110 mcf per day. Each well in its own right so small it almost doesn't warrant attention.
And that summarises a large part of the AMU business: lots of low volume low cost wells. It is really only a few of the gas successes in the past 6 months that have good value coming from one hole.
In some ways I believe the market would treat AMU slightly differently if they had 3 holes in the ground each producing 500 bopd rather than the current structure.
Anyway, I'm still giving the company until the June 2008 report to change market sentiment before I start hassling them on dividend and capital management issues.
MJS
AMU Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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