Ikazo,Everything he said was technically correct, it just...

Ikazo,

Everything he said was technically correct, it just glossed over (in fact, blatantly ignored) the fact that unless the well is a success JKA is now stuffed financially.

This is an excellent opportune moment to reflect on the relative roles of luck and skill in founding a junior company, and particularly a junior oiler. We've all heard how JKA's managers took Hardman to dizzying heights of success and eventual takeover by Tullow. JKA like to point this out in every presentation as a major strength of the company.

But Hardman was undoubtedly blessed with good luck. Take the same team and put them under pressure with some developments outside their control and you get a different look from the confident ex-Hardman guys we saw pre-drill.

I think even a mediocre team could have made a success of Hardman. The performance of JKA's management here will show whether Hardman was really down to skill or whether it was more to do with luck. They have an excellent opportunity to prove that Hardman wasn't a fluke!