is amity worth a punt, page-7

Whippet, the value downside is that if the Perth well is unsuccessful and AYO abandon Whicher as a project (which surely they must do if it fails), then quite a substantial balance sheet write off will be required to ditch all the capitalised costs associated with this project. This could be at least A$2M and possibly a lot more (the annual report is not clear on this). That will cause a lot of red ink to flow in the next results.

But you are also right, the cash position will not move too much. That is where the longer term value is in my opinion, but short term I am bearish unless the Perth thing hits a huge strike with a mega flow rate.