creeping up, page-8

It would have looked bad if one the PEL182 JV farminees, namely WSP, went into recievership
While its still on the cards, the $3 mil financing WSP got from BOQ will keep em going for another qtr or two.

EBR is a victim of these WSP rig delays.
They did well in the intial farmout deal and hopefully they will get a working rig sometime 2H2006

As for best leverage to Pel182, ADX might look good in theory, but they are not free carried, and dont have a lot of cash.
We know these junior oilers like to have cap raisings when investor interest is high prior to drilling and that tends to put a lid on the sp.
Overall, free carried EBR is the better exposure imo