we have been diluted by 15%, page-5

If you adjust the cash balance for the Yemen reserve, ADI and AUT (which both have a 10% WI) now seem to have comparable cash that can be allocated to S/L of about AUD 6m.

The cost of a well (in one of the 31/3 presentations) is about USD 7m. The FX is about AUD = 0.93 USD. That all suggests that both ADI & AUT have cash allocated to S/L sufficient for about 8 wells......

They are still quiet about proposals for 2010 post completion of the farm out programme.

Perhaps that should be the focus rather than the dilution. Dilution can be partially / wholly compensated for by bringing forward production and increasing NPV values. They seem to be using a 10% discount rate ("NPV 10").

I agree with you, BlackSteel. As you say, AUT has been adding to its cash by issuing shares at 30 cents (a 50% discount) to its directors. OK, so no change to the fully diluted figures. But ADI could not have raised the amount of finance needed through exercise of directors' options - 6 million at 23 cents.