expect a big half with gas at 13 plus, page-22

Yep, they are about 75-80% hedged on oil, which will reduce a little next year and then none post Dec 09. Hedging is a necessity to get the debt facilities. Once this is reduced/repaid then they will not need to hedge (at least as much). All gas is unhedged and recent major exploration is gas focussed.

March quarter oil production was down due to ice storms in Kansas (an annual event), and this quarter's producton will be further boosted by recent explortation success. Record revenue is a certainty, with likely slight increase in sale price for oil (post hedging) and a strong increase in gas price realised.

Reported results will be ugly because of mark to market on hedge position, but this is non cash and cashflow will be very strong.

Looking forward to the formal reserves report - will demonstrate the true value of AMU. Over 20 years of reserves based on current production levels and proved reserves only! Hedged position only lasts 18 more months.

Just my opinion
Monty