Ann: Sugarloaf Operational Update , page-61

ASX has an interesting facility that enables you to superimpose the price charts of 2 companies. Looking at the charts of ADI & AUT over 6 months and 3 months there is a tendency for AUT to settle at around double ADI. There's no cast-iron rule. It is currently 1.5x ADI.

Does this have any meaning? Rightly or wrongly I've taken it as the market's view on the possible value of Longhorn and Ipanema discounted for additional risk because the drilling has yet to be done.

So, if ADI holds firm around this level, history suggests that the AUT price will continue to re-adjust.