Have no idea why, or even if, it's being intentionally held...

Have no idea why, or even if, it's being intentionally held down. To me, there appear to be a number of smaller oil stocks that have not performed - so it might be in part a sector thing, and in part that there has not been a find that has hit the "WOW" factor.

This is one stock where I honestly don't think there is anything untoward. In other words, all is exactly as it seems. Why? For the simple reason that almost all of the money spent on drilling is discretionary. If they weren't generating the cash they wouldn't be obliged (or able to) spend it.

As an aside on valuation, I think we have hit to nail on the head. The stock can be valued in 2 ways. The standard dollar value for 1P / 2P reserves. Or, as some of us advocate, on a cash flow basis. Without wanting to harp on, I think AMU paying a dividend would draw strong attention to its cash flow. Seeing a profit of only a few million does not excite people - and detracts from a very strong cash flow. If they pay a dividend, and still keep drilling from cash flow, people will have to pay some more attention.

MJS