Ann: Quarterly Activities Report - June 2013 , page-2

Well nothing to see here.
Lay-mans translation.

1) Selling of 15% interest in Chorbane fell through. Suitor got cold feet or has no financial muscle to go forward, or both. ADX is deeply disappointed as the money from the sell down would keep the doors open for a while longer.Better have an AGM and replenish the rights to issue shares.
No mention of seimic on Chorbane. Possibly also on hold.

2) Offshore Tunisia had a few tyre kickers but that's about all.ADX desperate to get someones interest here.

3) Admin costs are the biggest contributor to cash burn.
No added value here for shareholders.Very little field work.
4) Parta block, Romania seimic started in February, holted,
due to recommence in July due to rain (you believe that, I have a bridge in brookland to sell you). July came and went and no word.
5) Management know they have not much cash left (6-9 months)
and therefore there jobs will be in peril.
WHAT TO DO???
CORPORATE DEAL. It's possibly the only trick left in the ADX bag.
Go for it ADX. Otherwise we may think you guys are in it for the lifestyle at our expense.

My thoughts only.
PS:- to ADX, the game has changed. No longer can you keep returning to the market to top up the bank balance with a promise to add value.
The market says the B/S stops now and you either achieve
in the field or you are forced to get a real job.
I love the clarity of this. Succeed or fail, but no half way.
My thoughts only.