Ann: Supplementary Target's Statement , page-3

re: Ann: ADI: Supplementary Target's Stat... you could only say that if 42cps made your ADI holding profitable - which it probably has - good for you :)

from an AWE shareholder perspective I cant see how ADI is worth much at all. If you read the IER they have valued Yemen at zero and Sugarloaf is just a big guess. What AWE expects to get out of it Im not sure -

- consolidation of a bigger holding in Yemen
- only 10% of Sugarloaf (7.5% after Royalties)
- some cash
- possibility of some technology transfer to their early shale gas plays in WA - maybe they hope to get the US company to invest ?

for a spend of about $49M they could have given the AWE shareholders a dividend

as it is they have "someone" in AWE who cant interpret seismic squiggles very well with the consequence of a looming repeat of their drilling dusters of a few years ago where all they do is flush money down the hole

AWE seem to be in liquidation mode - doesnt make new discoveries and keeps spending their production income and reserves drilling holes

Best of luck with your shareholding in AWE :)