takeover?, page-5

Couple of ways a US predator would value this- on reserves or on production.

On reserves: currently AMU reports 12.4mmboe of 2P reserves. In the US this would be acquired for US$9 per mmboe so would value AMU at US$112m or A$130m (42 cents per share).

On production: current M&A production metric in the US is about US$70,000 per BOE so AMU current production of 1750boe per day gives US$122.5 mill or A$141m (46 cents per share).

When you look at AMU's true cost per share which includes debt less cash they are currently trading at 36 cents per share based on last price of 23 cents.