placement to bpt, page-20

"i am not sure what u mean "on the same level"?
ADE m/cap $48m approx, ICN m/c about $70m
whilst having a bigger m/c than ADE, Senex and Drillsearch don't have Beach as a s/h, yet their prospects look pretty good.

jake, the market cap of $48m you mentioned was prior to issue of ADE shares to BPT.

If you look at the market cap now its over $58m (yet it only moved up half a cent since we spoke of this).

So it does make both companies on the same level only $12m difference.

When you mentioned SXY & DLS, I never claimed them on the same level as ADE. Both SXY & DLS has 2P reserves, does ADE and ICN have? Both no. ADE has very little 3P reserves from memory in the Otway Basin. So technically ADE and ICN are on the same level based on market cap, except that ADE has production assets in Otway Basin which supplies gas in SA, but ICN doesn't do any drilling in their tenements but they do have a "conditional" binding GSA.

Also, its not like BPT has it all easy on their ADE intentions. Walker and Associates have over 17% interest as well, so they will want to see value of this BPT placement over time. I suppose they were the ones who may have opposed the options issue to BPT, but approved the placement.

I guess we'll see over time which investment is better.