New report out today, try this link to download the...

New report out today, try this link to download the pdf:

http://www.megafileupload.com/en/file/244161/ADXEnergy230610outlook--1--pdf.html

"Valuation: RENAV of A$1.33 reflects high-impact exploration
Our core net asset value (NAV) for ADXs exploration assets is based on cash post rights issue of A$8.4m or 3c. To this can be added A$10m for the mining assets which are being demerged adding a further 3c. The bulk of the valuation upside comes from value creation from successful
exploration, reflecting ADXs high impact exploration portfolio.

Within the exploration portfolio, the Italian portion of the Lambouka prospect makes up a significant proportion of the risked-exploration net asset value (RENAV), the oil case accounting for 75c and the gas condensate case adding a further 25c we ascribe to the Tunisian/Italian exploration
activities. This reflects both the larger resource estimate and the more attractive fiscal regime in Italy. It is also important to note that for now we have modelled an oil case for the Chorbane prospect. Depending on the outcome, this may change to a gas case scenario. We expect this
case to also add value due to good infrastructure for gas.
As additional assets approach a ready to drill phase, we will look to add these to our RENAV.

The most likely to be added next is the Dougga appraisal prospect, which is a ready to drill with both
3D seismic and a competent persons report completed. To this we would expect to eventually add the Romanian assets."

cheers.