"I agree, but I suspect they are limited by what Hilcorp tells them."
That is exactly 100% correct - ADI can not issue one little bit about the JV without the operator's approval.
Good for the operator bad for us.
And while I had a read of the report it really doesn't tell us anything new. It seems to have had an impact on the JV share prices, but the volume stunk and with EKA it was few shares on matching.
What it doesn't tell us is the most important:
1. When can we expect some cash on the books from the wells
2. What is the forward plan? It said something about 'later in the year' and 2011, but no details.
With that scheduling information put out it makes the EKA cap raising look even more ridiculous from its timing aspect. The management and BOD there should be ashamed of themselves for what they have done for their shareholders:
Since 1 February 2010 both ADI and AUT are up 84%.
EKA is unchanged. To match that performance EKA should be 22 cents without the cap raising.
Pathetic and ridiculous to see one of the JV parties underperform by such a large percentage!!!!
Oh, and by the way, while it appears that my change in sentiment from hold to buy was spot on and I am happy with that timing, I'd really like to see more volume otherwise it appears to be just a knee jerk reaction............
ADI Price at posting:
29.5¢ Sentiment: Buy Disclosure: Not Held
