LOL Ozpaying down debt and buying back sharesI can see the...

LOL Oz

paying down debt and buying back shares
I can see the rationale behind this, after all exploration success seems to be getting a big yawn from the market.

Sounds like they are considering a few 'outside the box' strategies. Good to see imo

A trade sale, lock stock and barrell.
Was having a look at the presentation from sept 08 (good oil conference).
check out these figures

Independent PROVEN plus PROBABLE (2p) reserves valuation of approx AU$350m (0.86 exchange rate)... less debt $66m = $284m
divided by 208m shares(198m now) = $1.36 per share

This does not take into account the value of POSSIBLE RESERVES or the extensive exploration leasehold positions that are held by AMU

That equates to a potential return of capital to shareholders of somewhere upwards of $1.50 per share if a trade sale could be negotiated

Not bad buying at 25c

Could be interesting times ahead