cash value, page-6

If you're wondering about the cash position, you should read AED's FY2008 Financial Summary, asx release 29-08-08

Cash at 30-06-08 was $348mil
"After" that they have/will pay out...

:$31 mil dividend
:$50.6 tax on profit for sale to Sinopec
:$45.8mil settlement of Hedges
:$41mil AED share to drill Puffin 11 and 12

Balance $180mil

Conv note USD85mil / FX 0.65 = AUD130mil

Net cash = $50mil

Allowing for their 40% share of current Puffin revenue they have roughly $60mil net cash after paying for all of the above.

$60mil market cap is 40cps so it could fall a lot further before its trading below Net cash backing.

On the other hand, Sinopec paid $600mil for 60% of Puffin/talbot which infers a value of $400mil for AED's 40%share, so $400mil + $60mil net cash equals $460mil market cap or $3.00 per share.
Plenty of upside if you think Sinopec know what they're doing.