from pure speculation todays australian, page-12

hey jb..

only went into adi for the sugarkane really, turns out the sugarkane not only shocked CP by its size, but they have learned a great deal about it up till now.. nice pick up from burlington, and we are indeed fortunate to be right in the middle of it.. no doubt there.. a but ADI has a future post sugarkane with the timor sea well which is free carry right now, and the yemen prospect for 2009 - 2010, which has taken 3 years to ratify, has finally come through.. and i think indonesia must be closer surely?

i have had plenty of opportunity throughout to leave this share, was advised at one stage to take profit, and that proved to be excellent advice and has allowed me to accumulate more.

major reason for staying in, remains the same, the absolutely staggering work being done in the region by conocophillips right now, with an intensive and extensive 3d seismnic going on at full tilt now for a good year.. some regions being done twice, these 3d's are also being done by TCEI, and a few others.. and with conoco currently drilling along side meridian right now into the "sugarkane" chalks to the east.. i hear talk about what CP is planning, and that in itself must make the 20,000 acres we hold in the sugarkane extremely prospective. and with conoco taking over the grace oil leases next to our leases,, i am still convinced they knwo what they are doing there. i cant help see any reason to jump out.. i am dabbling in a few others, and researching the next prospects for the future.. i doubt the sugarloaf AMI jvp will be in this for a long time, my view is the resource will be explored then an operator capable of dealing with a project of this size and magnitude will come into the picture and do the prospect justice. none of the current operators are cashed up to take the sugarkane on imho. lets see if am right about that.. things will start pretty soon imho..

if anything there are more reasons to hang around than to leave, and if i wasnt convinced of the legitimacy of the operations by all the various operators chasing the sugarkane, then i would have been long gone.. meridian announced they wouldnt chase one well wonders, and only focus on larger plays, and securing large acreages, and they are about to commence a well in the sugarkane.. i dont see myself as an ADI supporter, just an investor who will get off this stock in an instant if i see anything that smells of failure in this prospect..

as i do see the upside in the sugarkane, and i will stay for that, but i am also equally frustrated on occassions on the length of time this prospect has taken to get a test away on, but when you research, you learn more each month, and in this case each year.. i am convinced of what they have, i am convinced the play that they call sugarkane is only partially explained, it has a few secrets yet to be revealed, and lately more than ever i am hearing talk of some staggering amounts of cash that is being earmarked for the sugarkane,, so with all that in mind, its really a case of patience for me.. i am happy to sit it out and see what transpires.. i see it as a high risk high reward stock still.. and considering i have been investing a little time in checking out whats happening in texas for myself, i know enough about sugarkane to hold for a while..

anyone can sit on the sidelines and wait for the news.. theres nothing wrong with that.. good luck to all holders and i am hoping for goog news to flow sooner than a lot of others i think..

all imho and dyor