Ann: Reinstatement to Official Quotation , page-18

Seems to me JKA at current SP is close to fully valued on Aje alone, giving nothing for cash, Hammamet, 5% option on Somaliland and Tunisia.

But as always, funding is the issue in this market. The estimate is $30M for the sidetrack at HW but we'd be foolish not to recognise it could easily be $50M, which is $7.5M to JKA.

Then they need to fund the early production stage of Aje, including another well. Do we know how much that is likely to be? They SHOULD be able to get that with debt, but who knows in this market.