Announcment just out. Reports new reserves for US oil and gas properties. The main point is that 2P reserves have increased from around 1.7 mmbo (as in the most recent broker analysis by Shaw Sept 30 2003) to 5.33 mmbo. The broker report by Shaw put a $8 a per barrell value on these 2P reserves. If you take that as reasonable then the increase of about 3.6 mmbo has increased AMU's assets by about US$28 mill (say AUD $40 mill) over the past year! Not bad for a small company (market cap around 30-40 mill I think).
Market has not reacted in a big way yet.
This seems almost too good to be true. Have I made a mistake?
Cheers
hots
Announcment just out. Reports new reserves for US oil and gas...
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