I think AEX has quite a way to go over the next couple of years so plenty of time. Their philosophy is to try to acquire large tracts of medium/high potential blocks for seismic survey, then outsource the actual drilling with a production sharing agreement. The PSAs should give them the leeway to concentrate their expertise on the seismic rather than worry about getting rigs in the right places etc.
They've got lots of seismic going on in 2006, so should be lots of little bits of news regarding joint ventures, though actual drilling and commercial production will take a while longer.
Quite a few of their blocks are adjacent to known fields, so at a low market cap
these could be seen as being pretty cheap for the potential finds they can make.
I believe that some of their directors were also in at the beginning of when the UK North Sea was commercialised, so they have good experience and connections.
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