AMU just released a Corporate File interview with Geoff Towner. GT foreshadows some very impressive production numbers for next year (which I reckon are conservative):
"In FY05 production was 282,600 barrels of oil (net) and 299 million cubic feet of gas (net) and in FY06 we anticipate the increase in oil production will be in excess of 70% and the increase in gas production will be in excess of 350% of the FY05 numbers."
In other words, oil production in FY06 is expected in excess of 480,000 barrels and gas production in excess of 1350 million cubic feet of gas (or around 687,000 boe). The interview also notes AMU's lifting costs for oil are around US$15 barrel, which gives an idea of the juicy operating profit they are enjoying.
Interview also notes that FY06 will see AMU drilling 40 wells - a mix of development/step out drilling and wildcat drilling. All of which bodes very well for the future.
Plenty of upside in this one still to be realised ...
AMU Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
