edison research valuation

While news of ADX’s unsuccessful Sidi Dhaher well test was clearly disappointing, the
company still has the potential to create significant shareholder value through its Sicily
Channel, Romanian and onshore Tunisian assets. However, with funds at a premium,
the near-term challenges are largely commercial before it can demonstrate further
progress with the drill bit. The Sicily Channel assets in particular offer considerable
upside as confirmed by a recent independent resource opinion. However, to achieve
this we believe ADX must secure alternative funding ahead of a suitable farm-out
before any drill commitments can be made. Based on the farm-out terms ultimately
achieved, we could derive a valuation range for the Sicily assets of 3.5-5.9c. This
would imply a nominal valuation range for ADX of 5.3-7.8c.

http://www.baystreet.ca/articles/research_reports/edison/ADXupdate%20051012.pdf

Interesting reading. Patience needed for ADX. Excellent value @ 1.7 cps.

I can't figure why ADX have not got it on their website.

Cheers IFINO