Hello Keygo,Diminishing reserves and declining production and a...

Hello Keygo,
Diminishing reserves and declining production and a buyback is not something the market wants in an oil and gas junior. It is about getting after it and having a go at finding something to make a difference.I am afraid this company is in liquidation mode. The company has less than $20m in cash which at these levels (22c)will buy back 90m shares leaving ~170m shares on issue and no cash surplus.
At a rate of 400,000 shares/day buy back it will take nearly a year to mop up the 100m. They are doing a little development drilling I believe but hardly enough to add big reserve numbers.
Check the last quarterly report. In real terms the company production is less than 700 BOE. A far cry from 2200 BOE 4 years ago.When they sold the Kansas asset (98% oil) for $60m to a Macquarie controlled and financed company and Macquarie were AMU advisers...the game was up...goodbye AMU.
Sorry mate but AMU is heading the same way as the Queensland labour Party.