All the talk about relative values and performance of the...

All the talk about relative values and performance of the different companies seems to ignore the valuations presented by AUT. What seems to be missed in the discussion, is that their valuation places a nice NPV of around $1.75 on ADI for their 23 net wells or 10% of 230 wells. No matter which way we do the sums, seem to end up around the $1.80 mark on a reasonably conservative basis. All 3 JV members are fantastic value at the moment, and though relative performance will vary, they should all perform strongly over the next few months.