70 cents price target!

Nice to see Stock analysis has come out with a 70 cents valuation for Jacka:

Two exploration programmes led by Australian managed joint ventures are scheduled to drill oil targets in Tunisia in the December quarter of 2010. First up we will see Jacka Resources with its recently agreed farm-in for a 15% interest in the Bargou Permit.

The Menzel Horr well will test a 24 mmbbl prospect, commencing in mid-November. Success at this prospect would deliver a total net present value estimate of over $300 million, which equates to 70 cents per share for Jacka on a post issue and fully diluted basis.

Jacka, which listed on a shoestring budget with a small interest in strategic permit WA-399-P, is now raising $4 million to fund its participation in the Tunisian acreage. The company is backed by a team with experience at Mauritanian success story, Hardman Resources. The Bargou Permit covers largely offshore areas and also contains the Hammamet West oil discovery.

Jacka plans to appraise this carbonate hosted oilfield with further drilling in 2011, with the aim of establishing production via horizontally completed wells into an FPSO moored on station or alternatively, oil and/or gas could be piped ashore for sale. Success at Menzel Horr would prompt additional seismic acquisition and drilling on identified follow-up onshore leads and prospects.