Hi All Thanks PSI for your views. The key statement on Aje for...

Hi All

Thanks PSI for your views.  The key statement on Aje for all of us is the following from the announcement:

"The assignment to Cornhill, or its nominee, of inter-company loans due from Jacka’s subsidiary P.R.Oil & Gas Nigeria Limited (PROG) in exchange for US$3 million in shares in that AIM-listed company."

If this does mean that the total JKA percentage of participating interest in Aje is signed over to the new company in exchange for the new company and Cornhill both funding costs up to production then of course the share price of the new company is the key factor for us.  $3million worth of shares in a small tightly held company with the prospect of earning millions and quickly repaying capex is I guess our best case scenario if we are reading this right.


a farm out on the Ruhuhu block would have been handy.

Regards,

Chilloutman