Yeah Oh well least with the Oil price over $90 and round 20cps recieved for only the sale of 49% of reserves and will reduce FY11 income by round 35% yet with Oil&Gas trending up it should well be less effects to AMU cashflows which they believe will be round 27mill or 30mill IMHO
Looking forward AMU keeps it prime exploration grounds in texas,Oklahoma and Louisiana constitute approximately 62% of the Companys FY10 operating cashflows, 51% of proven reserves as at 1 October 2010 and 80% of the future development potential that had been identified by the Company.
AMU will now be debt free (bye bye 39mill)
And is planning a Buyback of 10% of the shares
Overall As a trader an outright 35cps+ would have been much better but I'm not about to sell AMU for less than 30cps as how many Oil&gas producers are debt free with the assets(reserves/exploration/TNT) & cashflows will AMU have during a period of a new trend upwards of Oil&gas
AMU Price at posting:
24.5¢ Sentiment: Buy Disclosure: Held
