1 billion barrels of oil potential, page-42

COE provides you with the same exposure to Tunisia at far less risk. From what I understand from others here WER is funding 1 Well for a 40% free-carried interest. Should it be a duster you are left with nothing. ADX seem like they want to decrease the exposure to the downside by further farming out equity stakes in the prospect. ADX has a lot of risked attached. They do not have substantial cash like COE and are certainly not producers.

COE are drilling Fuschia-1 and planning to link its development to Tazerka and have several other prospects on trend with Oudna and Birsa fields. Fuschia-1 expected tbe spud in 3Q and take 1 month to drill, targeting Birsa and Abiod sandstones - 78 mmboe. They believe Tazerka holds a further - 56 mmboe. Cost to drill Fuschia-1 for COE with a 35% interest is US$8.7 million.

In regards to Bargou, a 3D seismic is planned for 3Q over Hammamet West-1 and 2 which have proven oil and gas in the Biras and Abiod reservoirs. A 2D was conducted onshore over the Menzel Horr prospect onshore Tunisia (part of the Bargou permit). Work has been done there so I'm not aware of what your talking about in regards to Bargou, Tejveer1.

The result is COE is far less risky. It has the cash and partners to fast track the development in Tunisia. Wise investor would put their money there. A punter would put his here.

End of the day investing is based on opinion. You have yours I have mine.