annual reserve summary, page-3

I thought the reserve upgrade was excellent news. The 14.3 million barrels of oil and the 11.9 billion cubic feet of gas is about 16 million barrels of oil equivalent. With 2P reserves selling for north of US$15 a barrel, this suggests AMU's reserves are worth some US$240 million (or around A$315 million at today's exchange rate).

Add to that their awesome success rate with the drill and their exciting drilling program and it is clear AMU is adding reserves at a rate many times faster than they are pumping hydrocarbons and swelling their bank account.

Plenty to like about this company.