A few things to remember with this stock.They have USD85mil in...

A few things to remember with this stock.

They have USD85mil in Conv notes which are redeemable as from Feb 2010.

:If one subtracts this amount (USD85mil =~A$120mil) from the cash reported in the March quarterly (A$181mil) then the net cash is only $61mil or 39cps

:The HY report stated that AED will need to raise more funds to meet its exploration/development commitments.

:production costs at Puffin NE exceed revenue based on current production (~2500bopd when equipment is working properly) and POO of ~USD50/brl.
So they are losing money each qtr on production alone.

:The exploration targets mentioned in the quarterly are more of the same, expensive wells targeting thin complex reservoirs.