bidders statement

Good news:
Offer closes 18th of March, from "back of the envelope calculations" the results of the JM-1 (Cap Juby) well should be known before this date (Genel Operations update on the 15th of January states drilling has begun, I estimate 45 days of drilling activity).

Interesting:
TPT seems to have identified they want in to JKA. They might not end up a merged entity but rather TPT having a major shareholding in JKA. Seems TPT will buy the shares if they can get access to 50% or more of JKA.

Confusing:
Bob Cassie's salary has not increased since JKA appointment. Still yet to find compelling reasons that the directors have recommended the offer so strongly.

Almost amusing:
Target Statement from JKA essentially states:
- accept the offer, otherwise we might have to sell of an asset ("rather than the alternative scenario in the absences of the Offers which may require the divestment of certain assets in order to fund Jacka's existing assets".
- we might sell off an asset anyway (accepting the bid will allow JKA Shareholders "to retain exposure to all (or a majority) of Jacka's existing assets.")
- apparently we "will gain exposure to a larger and more diversified pool of assets and opportunities, including Tangiers' exploration permits located in offshore Morocco". I would love to hear what else in in this "diversified pool of assets" that Tangiers is bringing.



Hopefully the good news above comes to fruition and we can get a look at the results from JM-1 prior to the offer closing. If JM-1 is successful I expect the offer price will be acceptable to most. If it is not successful I can't see 90% accepting especially as there is a good chance the TPT share price will take a hit.