What's Happening !, page-94

They have no money, so both Somaliland and Tunisia are effectively worthless. Next time there is a cash call, JKA will have to relinquish their stake in Tunisia because they won't be able to meet it. And the Somaliland option will almost certainly lapse.

Tanzania is a frontier basin so they may be able to farm it out but nobody is likely to give them a good deal on that at current oil prices. They were trying to farm it out when oil was $100/bbl and didn't get a deal so it's hard to see how they will get one now.

Aje was their best asset by far and look how that was ripped out of their hands for chump change. The other assets are effectively worthless. The fair value of this company now is basically the value of its MXO holding.

In the meantime their remaining cash holdings will deplete by admin costs and paying directors until eventually they will be forced to try to raise capital, and when that happens you can basically say goodbye to your entire investment because it will get diluted out of existence.

Unfortunately I violated my own rules on stop-losses here because the amount required for Aje was so small that I was sure JKA could secure it by debt. Unfortunately they couldn't so the entire company is basically done. The only hope is that when the price of oil recovers, MXO shares increase significantly in value.