OzI think you have nailed it on the head there mate, having...

Oz

I think you have nailed it on the head there mate, having outlined what i percieve as the two major issues facing the stock
Both coincedentially both are a matter of perception in the market rather than actual fundamental issues for the business

Assets

Those that understand the company know that the quality of the assets is high with longlife and low cost production in a politically stable region. Also the exploration acreage holds great potential. One only has to look at the growth in reserves profile and the ROI that these assets provide to see how valuable these assets are.
Unfortunately, even tho the Co has a balanced mix of low/medium/high risk drilling no one well is 'sexy' enough to qualify as a company transforming event and therefore to really excite the market.
Although AMU does drill wildcat wells and imo some of these have made significant contributions to AMU's growth it is not considered by the market as an exciting wildcat play.

Debt
Interesting that you dare to raise the subject of a cap raising to eliminate debt. I have been tossing this idea around myself lately. Ofcourse there are negative aspects to this approach and indeed would in the short term no doubt have a negative effect on sp it may however have at least 2 positive outcomes imo
1) the bleeding obvious AMU debt free with all that free cashflow able to be pumped straight into an accelerated exploration program
2)albeit painful the ensuing dilution and sp adjustment may shake out the stale shareholders who seem to choke of any run that we get in the sp

A rights issue would allow current s/h to avoid any dilution and a successful cap raising should actually be viewed as a vote of confidence from the market

Alternatively perhaps the same effect could be achieved by some partial asset sales in conjunction with a cap raising

Am keen to get yours and others thoughts on these issues

cheers

Skitz