take a look at this , page-12

A couple of points. I hold CNP and have held AFG and ABS at very times. I think they are more riskier propositions because of their debt and gearing levels. For me CNP is an acceptable risk at the moment.

Hypothetically, if this deal falls over with SINOPEC, AED still have a very significant asset that is worth well in excess of its current market cap. Best case this $1B has improved with oil up 20% since the offer/negotiations and remember there were other bidders. However, to err on the side of conservatism, they go into administration tomorrow and sell the oil fields for a fire sale price of $700M, minus their debt of $330M, leaves $370M remaining. Take off fees of $30M, which leaves say $340M with no one else to pay. $340M divide by 151M shares, leaves $2.25 per share. Sure you may have to wait 6-12months. But this is worst case stuff. Risk v Reward we are on good ground at the moment.

If CNP or ABS' go into administration for one of the many issues they face, it is game over and $0 for shareholders.

The AED will be approved, by FIRB, China and NT Govt, it is in the national interest and Chinas! If you want to read between the lines, on timings/news FIRB should have already been approved. NT Govt is not defineately not going to reject this and SINOPEC dont make deals like this with the major shareholder (Chinese Govt) already giving the go ahead. It clear to me that if that article is correct, then they are talking about the league of BHP; RIO; and maybe WPL where issues about Chinese ownership have already come to the forefront. Oil price is not going to be affected by this JV; other foreign oil interests are already in play on the Timor Sea; China already has a multitude of stakes in Australian based mining interests.

With all of that said, an update from David Dix and his phantom Company Secretary would be good.