This is great news re Nigeria especially "The JV Partners are...

This is great news re Nigeria especially


"The JV Partners are "considering drilling"


This buys Jacka TIME and less financial pressure.

I thought there might be plans in Q4 2013 to do something in Nigeria and Jacka would have to pay c.$10m (and the problem for Jacka is where they get this cash).

Now it looks like Nigeria will be 2014 if they are only "considering drilling" and the more expensive work later in synergy with the recent discovery at OPL 310.

Looks like this well in 2014 is going to be cheap, $50m, so Jacka only need c.$2.5m
$2.5m is brilliant news right now.


And I suspect the Nigeria JV will try and delay this well to H2 2014 until they plan the area better with OPL 310.


This buys Jacka a lot more time to find the cash, which will come from Tunisia, either on the back of proven reserves in Tunisia ... or a full / partial sale to Dragon Oil.


THIS IS GREAT NEWS FOR SHAREHOLDERS ... less financial pressure on Jacka to do another small placing.