kkr to acquire assets from hillcorp, page-32

ADI won't be paying tax, if ever, for a long, long time. As of 31 Dec 2009 they had some $17 million dollars in accumulated losses on the books.

Add in the costs of wells being drilled so far this year and the unknown, but much hyped projected drilling program starting in the second half of 2010 and I doubt that ADI will be in a cash tax paying position for a long time.

Furthermore, the tax reforms talked about will probably not happen - the reduction in company tax rate and the super stupid tax. The super stupid tax only applies to Australian based resources.

And if it were to happen, I'd think that as ADI doesn't/won't pay tax the reforms would be negative for them as they'd have to fork out higher superannuation payments and not get anything in return.

28% of zero is still zero.