Joachim ,I think you have answered your own question.EBR and ADx...

Joachim ,I think you have answered your own question.
EBR and ADx have not yet to my knowledge announced to the market that drilling in the Cooper will probably start in Feb 2007. (from AGM)They have not yet formally disposed of WSP which should be completed this week. Then ADX will raise some funds probably by re farming out WSPs 10% plus perhaps up to a further 15% (retaining 25%) I understand they are already talking to interested parties.They may have to do some capital raising but when these two actions are completed the agreement with the drilling contractor can be formally executed and a firm drilling date announced. With 2 holes in late Feb and 2 more before May plus an Emily workover the sp should move rapidly just on speculation. My charts show 12-14.4c A small oil discouvery should yeild 20c+ (3mmbls puts sp at about 27c) In the mean time the prospect of Cultana drilling is lurking in the background. There is a possibility of an announcement at any time.An excellent entry time or top up opportunity at present. IMO