dappadanI haven't got a huge hold here (more in XST) but for ADX...

dappadan

I haven't got a huge hold here (more in XST) but for ADX I understand it is a free carry up to a fixed amount, afterwhich ADX will need to fund its' own share.

Gulfsands has heaps of cash, XST has maybe just enough cash for a clean drill and I haven't checked VIL. Prior to rig mobilisation I understood that cash burn was limited as the JV had not responsibility for Challenger's rig.

Regardless of other aspects of ADX's operation there should be a cash mechanism to proceed with drilling ..... although I've held penty of juniors who do CRs as a matter of course to manage downside risks on results. In other words I've sort of expected it because I always do. Resolution of the US debt ceiling plan may be relevant here .... because it would be hard to raise money without it.

Anyway, we need an ann to clarify what is going on (if we are not going to spud by today (Tunisian time).

cheers