I feel that the ready access to cash might put ADI in a stronger...

I feel that the ready access to cash might put ADI in a stronger position. It is far too early to second guess what the share prices might be at after completion of the fracs and at least two of the new wells. But then the cash requirement will be determined by the scale of aggression with which the field is developed. The better the early results, the more likely that a multi-rig programme will be proposed. ADI could (should be able) to pre-fund the first of the multi-rig drilling from existing resources (perhaps the second also - and then cash flow should start to properly kick in), EKA might not. Having had years of EME stumbling from one cash crisis to another but also having been invested in another small oil explorer that carefully manages its cash, my preference is for the latter. But it is only personal preference and the justification might be flimsy. It does mean, however, that you do not constantly have to worry about another potentially dilutive share issue.

The arbitrage trading is providing liquidity, so nothing wrong with that. As to AUT, I can't fathom its commitments. I prefer the purer Sugarloaf play that ADI provides - but that is just personal preference also.

Nice to see a recovery in the price.