It would appear that maybe, just maybe ,there is a deal close at...

It would appear that maybe, just maybe ,there is a deal close at hand.ADX currently has 60%.
ADX has had discussions with Tunisian authorities and expects to be able to renew the permit for a further 2years from Feb2014.
From previous research I believe about US35-40Million is required to drill one well on Douga West.If Douga has a step out well at the same time, the cost per well may be around US33 Million each.
From the Gulfsands(40%) website Lambouka which is 15km from Douga, will have no further activity including no drilling due to a downgrade.
From Gulfsands website:-
"Additional evaluation of the data obtained from the Lambouka-1 exploration well, drilled in 2010, has led to a downward revision in the resource estimate of the Lambouka structure and no further seismic or drilling activity is currently planned."
So the real focus is now Douga West and a possible second well at Douga.
I would expect ADX to finish up with 15%to 19%.
Working on Douga West only at 400mboe in place, a recovery of 25% ( Assuming the farmout covers all drilling costs).
This leaves ADX with 15 to 19 Mboe at an assumed price of $5 per boe in the ground,
That is $75M to $95M value to 490million shares or a share price of of 15cps to 19 cps on a successfull drill.
Not to mention the massive upside from there.
In the event of a farmout I would expect the sp to trade around 6-8 cps.
I have been out of ADX for months, but now see real value at current prices

Cheers IFINO