reject any offer under $1, page-20

You might be right - AWE might try to pretend that it is dealing with the lost, the gullible and the desperate.

For instance, going through their bidder's statement:

-ADI is uncertain to produce future earnings
-Oil & gas price risk
-geological, exploration (????) and development risk
-operational & technical risk
-funding & capital investment risk
-country political risks, regulatory risks & FX risks.


Wow, and they are offering to dig us out of that hole for CASH. I'm shaking with fear...............and gratitude

Say a prayer for them - they must be saints - Christmas has come early.

Materially all of the value is in S/L - Country risk?

Funding risk for development and all of the other risks relating to development - they didn't mention earthquake - mutually exclusive? Funding what if they all prove to be uncommercial? Apart from Kennedy, Weston, Easley and Morgan, that is.

Regulatory risks - Texas?

FX risk - sure, the USD is about to collapse faster than every other reserve currency.

Can anyone really take that tosh seriously? It is insulting. Where did they get it from - the bidder's guide to failure.

If they publish a response to the target statement in the same vein, could anybody then take them seriously?

If ADI is such a can of worms, risk and uncertainty, why do they want to buy it?

If they come out with similar garbage, hold firm. ADI is cashed up for the H2 2010 programme. The investors in EKA and AUT are sharing the risk and they haven't been running for cover.

If AWE respond with a half decent bid it might be time then to take them seriously.

They've blown their credibility - they over-played their hand publishing that nonsense. Only hard cash on the table is worth taking any notice of. That's my view FWIW.