My calculations last week were as follows;EKA was 12c,(I sold at...

My calculations last week were as follows;

EKA was 12c,(I sold at 12c).

At 12c the MC was $15M. After allowing ADI extra cash on hand and allowing that EKA now has a 6.25% interest in the wells compared to 10% for ADI.I concluded that ADI could go to a MC of around $27. I then added anothe $1M to ADI for other interests and the AWE tie.

At $28m MC the SP for ADI would be around $0.195. I then bought ADI for 18c. I had tried for 17c which is what I had expected when I put in the sell order for EKA at 12c.

Too many people work on the basis that ADI has twice the interest in the wells that EKA has. That is not correct, EKA had 12.5% compared to ADI at 20%.