AMU has a market cap of around $105M (from comsec, but that is...

AMU has a market cap of around $105M (from comsec, but that is undiluted).

AMU is producing and acquired many assets when oil was in the 65-75USD range. These are worth significantly more now that oil is at 90USD. Their hedging cap is also at about where oil is now (90USD from memory).

Since acquiring the assets, AMU has dropped from arround $1 to <60c.

Even if ARW is worth $0 now, surely AMU should still be at least $1??

Any thoughts?