Lambouka and Dougga fields at 32cps and the Sidi Daher-1 exploration well at 10cps. Our
price target is prior to:
* Further updates from ADX on Lambouka.
* Confirmation of appraisal drilling in 2011.
* Any additional equity funding required for ADX to maintain their interests.
We continue to recommend a Speculative BUY with an success case for the Lambouka and
Dougga Fields of $1.07 per share and a success case for a discovery at Sidi Daher of $0.50
per share."

