pretty good analysis. agree with every point...and for elissa:3D...

pretty good analysis. agree with every point...

and for elissa:

3D seismic has allowed ADX to seismically map the potential of this area for the first time and significantly reduce appraisal and exploration risk from a structural definition viewpoint. During the year work has progressed on integrating 2D and 3D seismic, which also resulted in a large prospective resource upgrade of the elissa prospect (Figure 3). ADX now estimates the mean resources of the tertiary age Birsa reservoir to be 616 mmbls; the upside is in excess of one billion barrels. The 3D also allows imaging the deeper Cretaceous and Jurassic petroleum systems, which are structurally even larger in size, but more expensive to drill due to their target depths.

from annual report 2012, page 10

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