current cash valuation

Recent in train transactions would indicate the current cash value of ADX to be A$11.76 million right now . Without taking into account what will be produced if drilling is successfull in either Tunisia/Italy and Romania.
Equating to a Share price of 2.40 cps.
As follows:-
Gulfsands purchase of both VIL and XST 10% interests in Chorbane for US$525 thousand each. Equates to US$ 2.1 million for ADX 40% interest.

Gulfsands purchase of XST 10% interest in Sicily channel
for US $350 thousand plus US $500 thousand on first oil from the Kerkouane discovery.Equates to US $5.1 million for ADX 60% interest.
All Tunisian interests are valued at US$7.2 million or
A$6.9 million.

Romania Parta block. Only going by what RAG are to contribute to seismic & drilling for their 50% share
is EU3.1 million. equates to A$3.86 million for ADX 50% interest.

Recent Capital raising A$800 thousand and the last quarters balance of A$534 thousand , less A$334 thousand (guess)for quarterly costs =A$1 million

The total comes to $A$11.76 million. Shares on issue 486 million value is 2.4 cps.

Very undervalued @ current price of 1.7cps. considering the upside on any discovery/development.

Cheers IFINO