Ann: ADX: Oil and Gas Discovered at Anshof-3 Well, page-18

Tbh, I figure that more than the management playing a 'quiet game' it's more a case of a 'waiting game' as well as a restriction on Andrew Childs' participation in XST's decision-making.

("Non-Executive Director of ADX Energy, Mr Andrew Childs is also the Executive Chairman of Xstate,
Mr Childs declared his conflict at the beginning of this process and recused himself from all Board
Meetings and decision making in relation to the Anshof Farmin transaction".)

He'd most likely have had to lay down some ground-rules during the process of drawing up the farm-in contract because he wasn't going to be able to be an active participant ('officially') thereafter.

Once the current Anshof is drilled, we have the option to farm in to the 2nd prospect (ADX OHO prospect in ADX-AT-I license) to the tune of a maximum expenditure of EUR 6.6M (just over AUD10M) so I'd have thought the current drilling will have to come up with really good results for commercial production when they reach max depth so as to create viability of that next farm-in.

With the sp being stuck where it has been for ages, I'm not surprised because of the current risk factors involved as well as future risk if they elect another (more costly) farm-in with a high possibility of needing a CR because current overall cashflow won't (imo) be enough.

Hopefully the drill will hit a nice big pay-zone over the weekend !!