Ann: Letter from Chairman -Dougga Appraisal Update & Presentation, page-2

I always thought that ADX will do the Nilde development first in Italy based on the clever designed, more cost effective offshore platform (as it was sold to us) from the Singapore chinese millionaire , whose daughter has bought ADX Shares.
My impression is the chinese millionair got cold feet in the meantime because ADX is now planning to do the Dougga Project in Tunesia first with 6 subsea wells, including a 45 km subsea pipeline and givening their fancy full scope with a subsea compressor. Another one billion project, planned by the 10 million ADX Company after years of waiting.
One little mistake during drilling or a too low first production test rate at the first subsea well and because they are short of money, they will have to give up as they gave up their first offshore well. Years ago they said their discovery well could be a successfull one but they had not the guts, the money to keep on going. Instead of that they drilled a dry onshore well in Tunesia where their oil shows and pressure gradient wise interpreted oil disappeared suddenly. Years after they gave up their uneconomic offshore discovery well they want to try once more, with a drilling location 2.000 m away from the first well.
For a 10 million company the small money onshore well in Romania would be a better fit for them. Ok, it would be not a game changer for them but at least they could create a cashflow in the case they can set up an economic gas production as a proof for future projects.