I just re-looked at the AGM presentation. They actually state...

I just re-looked at the AGM presentation. They actually state that, if all their wells are 10% of what is predicted, then they will give US$1.60 cash flow pa per share. However, based on 25% success rate this is US$0.40 per share pa (which the current SP would mean is on a price / cash flow ratio of 1).

Really, what AMU needs to do is exactly what they are: drill wells as quickly as possible and (hopefully) prove this expectation to be true.

Very very hard to know what this would value the AMU share price at, however the current SP is around 4 times cash flow. As such, $2 as a starting point. However, this would also mean a much higher market cap hence more attention, so some expansion of this multiple might be expected.

Either way, they just need to drill as fast as they can find the right place to drill.

MJS