keeping track of awe holding, page-6

An alternative view is that fundamentals might overtake AWE's derisory pricing.

ADI is cashed up for continued drilling.

Those wells seems to have payback periods of 3 months or so - recall AUT's presentations claiming that Hilcorp will be paid out by Q3 2010.

That means that there will be cash flow to fund new drilling.

If ADI does need to raise further capital, it will be for additional rigs.

Until they have experience of the decline of these wells, it is pretty difficult to estimate cash requirements for new drilling but, with the new drilling planned, there could be 9 wells paid out and contributing by Xmas 2010 (that assumes Kowalik).