placement to bpt, page-15

goodaye Richie,
these are big claims.

"ADE has brighter future now with BPT as a stakeholder than any other energy company on the same level as ADE (eg. ICN, ACN, PGS etc) that doesn't"

How come you make that claim? Its a big one.
i am not sure what u mean "on the same level"?
ADE m/cap $48m approx, ICN m/c about $70m
whilst having a bigger m/c than ADE, Senex and Drillsearch don't have Beach as a s/h, yet their prospects look pretty good.

"In the end they have a stake in our company, I can't see any reason why they want to destroy value than create value"

I agree. Why would Beach want to destroy value in one of its investments?
But thats not the issue.
IMHO, the issue for ADE is whether BPT is in ADE for the benefit of BPT shareholders, or for charity?

The real issue for ADE is to ensure that there is no transfer of wealth, or value, out of ADE and over to Beach, without a commensurate value going to ALL ADE s/h.

ADE s/h and indeed the Board of ADE, I am sure, will be very diligent to ensure that in any deal with Somerton, that there is no unbalanced transfer of wealth from ADE s/h to Somerton s/h - because of course, Beach is the major s/h of Somerton.

I think BPT has been invited onto the Board of ADE.
Thats good.
Not so much because of their expertise (which is a big plus for ADE), but imho, because it would place fiduciary duties on that BPT board representative.
And that would put a big disciplinery hold on Beach - which would be for the benefit of ALL ADE s/h.

( and I think that was always why STO never put a STO rep on the board of ESG).

Please correct me if i am wrong, but I do note that Beach has yet to nominate anyone to the board of ADE. Maybe its just a timing issue?

anyway, its all happening down in the Cooper Basin.

cheers