adi leading the way, page-5

Block 7 was always the more highly regarded block. You are correct that ADI's higher cash position will provide some safety in case this becomes a disaster, but I really think that is highly unlikely at this point given the knowledge gained from surrounding drilling. So I am working on the positive assumption that success will result in positive cash flow for both companies. i.e. my position before comparing the comapnies is that Sugarkane will be successful and cashflow positive, with only the profit (or in other words flow rates) to be determined or proven. i.e. profit could be higher or lower than what we are expecting based on actual results. So I apply little value to other project funding, as I expect both companies will be in a position to do that in the future, and I don't believe ADI will use its cash until they know what they have in Texas.

I agree that the recent raising is the main reason for the heavy sell side remaining, as in the past there was very little stock on offer and was tightly held.

And I certainly don't believe ADI has run ahead of itself! It's still very undervalued and the play remains poorly understood by most investors. As was the potential of CSM in the not too distant past.