current cash valuation, page-5

Time for a revision.
Note change to balance of cash at end of quarter

Recent in train transactions would indicate the current cash value of ADX to be A$11.37 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 2.34 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.

Current cash balance at quarter end is $611 thousand.

The total comes to $A$11.37 million. Shares on issue 486 million value is 2.34 cps.

Very undervalued @ current price of 1.5cps. considering the upside on any discovery/development.

Around 64% undervalued. in my view.

I should also point to the Edison Investment Research valuation of between 3.5 & 7.8 cps. Depending on the farmout deal for Tunisia/ Italy block.( Not all of the Italy block is for farmout)

Cheers IFINO