I agree, Mick.Even if the whole $300m was allocated to the jvps...

I agree, Mick.

Even if the whole $300m was allocated to the jvps in S/L, that would be only $60m for ADI. The directors have suggested 7tcfge in place with perhaps 140bcfge recoverable and attributable to ADI. That would be a bit of a miserable price for it. Hartleys have penned a possible AUD1.8/share. That's getting on for 4x. Besides which, the market cannot start to really take a view on value until it sees the results from the 3 new wells.

I think it more likely that Hilcorp is looking to lease additional land solo - hence, as suggested, wanting to keep the results under wrap as much as possible. EME had that experience with COP and Block A in Live Oak.

ADI's management appears to have carefully marshalled the Company's resources to enable it to respond and participate in an aggressive development programme following the completion of the free-carry wells. This suggests that they want to milk as much as possible from this one before moving on. It's been 4 years - they can wait another 6 - 12 months.