re prospectus, page-3

EBR may also increase it's stake in the cooper wells by farming back some of ADXs share. I wouldn't be surprised if they went back over 50%. ADX seem to be doing nothing to raise capital and in theory some firm comittments need to be made soon with the drilling contractor and this means having cash in the ban(EBR will have over $7mil). This farmback would help off-set some of the dilution. I have detected a high level of confidence amongst the directors and consultants regarding cooper. I was going to sell a few on the ride up but now I might just sit through this first well considering there are three more to come quite soon after. EBRs capital raising will be a success considering it is fully underwritten and as pointed out you are basically getting the share for 4c. at a time when speculation should be pushing it to 12-14c. BAS and OBl have been up a bit lately and BAS as operator of VICP41, has been searching for a major farmin partner-it could mean some progress there. It does look like 12 months b4 a rig is available but who knows. EBR has some great short and long term prospects and for new entrants is a good buy IMO.
fc