Yes. In general I agree with what they have been doing, and I think Mitch has done a good job increasing the amount of information available to shareholders. I have not asked why the last monthly did not contain production information - do you know?
I never got a satisfactory answer to the cashflow queries. I have a rule not to invest in companies where I am not 100% comfortable with cashflow. I was reasonably comfortable with AMU but should not have broken my rule.
My main concern is that they are under-esimating the change in market conditions, and I cannot see exploration success causing a share price rerating. Anyway, Spikes B is a fair way off and I was disappointed with no production numbers for Waterhole Creek.
Current exploration should be positive for the long term but I think you can buy reserves cheaper than you can explore for them at the moment, and the risk is substantially reduced.
I invested a lot of money in AMU (for me anyway) based on detailed analysis and lost 25-30% but I have learned the hard way that you need to reevaluate your investment decisions regularly. I did not think oil would fall below $75 - it is now less than $50 and I cannot see a sharp recovery. There is still plenty of oil that is going to be pumped out of the Middle East, even at these prices.
Just my opinion
Monty
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