Just in case anyone thinks that this is independent research ......

Just in case anyone thinks that this is independent research ... which it is not.
Text from the top of page 27 of the report:
"ADX Energy Ltd (“ADX” or the “Company”) is a corporate client of Auctus Advisors LLP (“Auctus”).Auctus receives, and has received in the past 12 months, compensation for providing corporate broking and/or investment banking services to the Company, including the publication and dissemination of marketing material from time to time."

... caveat emptor

on to substance - and we assume that assumptions of success are pretty much management expectations. Remembering current share price of A$0.008 today.
page 22 NAV breakdown

• current operating upside including low risk infield is worth (risked basis) A$0.003
• Romania A$0.002 - remember, used to be their main road to revenues ...
• Italy A$0.001
• So any value is much touted Flysch play (A$0.008, with 30% chance of success), Austria exploration (A$0.019 for the two named prospects that assume 15% and 45% chance of success)
• Hydrogen business valued at the big goose egg with zero chance of success.

oh, and a forecast of 300 boepd average for 2021 (page 20), so we may see further H2 declines.

Page 3 is the really interesting one ... shows that the currently producing asset might produce A$6mn of cashflow to 2025 in a reasonable $60 Brent scenario (at which point zero). It might be worth mentioning that this is less than their remediation liability ... (which is currently perversely secured by the asset value of the field assets)

hope springs eternal, in research paid for by the target company.
Fully how in 4 successive days you got 1) new hedge news, 2) Geothermal JV news, 3) friendly interview, 4) "research" on th company ... almost seems planned.