cheap as chips, page-177

Still a real chance in my opinion. They did mention the possibility in an announcement a few months ago. EIA approval can be issued any moment, after which ADX will release the details of what’s going on with the funding for Welchau-1.

In my opinion ADX should give someone like MND a lucrative offer i.e.

1. 20% share in the project for 50% drilling cost of Welchau-1.
2. An option to acquire 20% more in case there is a discovery to develop the whole Welchau gas field (can cost around 300 million euros, including 6-10 appraisal wells).

That still leaves ADX with 40% which can easily multiply our current market cap of 45 mill x 10 and potentially even more. However, we all have to consider the possibility of a dry hole but then again we have Anshof and other Austrian producing assets. Good luck friends!