Impressive financial results - total revenue for the first half...

Impressive financial results - total revenue for the first half year at US$6.3M and toal exploration and development expenses at US$3.2M. Leaves a nice surplus of US$3.1M.

Production numbers for oil were up (about 25%) on the same period last year, although a bit below my expectations given AMU's recent drilling success. Suggests those wells haven't been tied into production yet, and so their contribution will only be seen in H2 production numbers. Plenty more oil production growth should occur over the balance of FY2004-05 as a result of drilling success from AMU's the 20 or so wells scheduled before July 2005.

Production for gas up very significantly (+104%) on the same period last year, although again below my expectations. However, gas production will grow substantially more when Gerdes #1 and Byczynski #1 come on stream. As with oil production, drill success between now and July 2005 should see plenty more gas added to AMU's attributable production.

Looks like another record profit in the making.