Recent in train transactions would indicate the current cash value of ADX to be A$11.76 million right now . Without taking into account what will be produced if drilling is successfull in either Tunisia/Italy and Romania. Equating to a Share price of 2.40 cps. As follows:- Gulfsands purchase of both VIL and XST 10% interests in Chorbane for US$525 thousand each. Equates to US$ 2.1 million for ADX 40% interest.
Gulfsands purchase of XST 10% interest in Sicily channel for US $350 thousand plus US $500 thousand on first oil from the Kerkouane discovery.Equates to US $5.1 million for ADX 60% interest. All Tunisian interests are valued at US$7.2 million or A$6.9 million.
Romania Parta block. Only going by what RAG are to contribute to seismic & drilling for their 50% share is EU3.1 million. equates to A$3.86 million for ADX 50% interest.
Recent Capital raising A$800 thousand and the last quarters balance of A$534 thousand , less A$334 thousand (guess)for quarterly costs =A$1 million
The total comes to $A$11.76 million. Shares on issue 486 million value is 2.4 cps.
Very undervalued @ current price of 1.7cps. considering the upside on any discovery/development.
Cheers IFINO
ADX Price at posting:
1.8¢ Sentiment: LT Buy Disclosure: Held
