nicto, Whilst I agree that JKA won't buy the COE permits, I...

nicto,

Whilst I agree that JKA won't buy the COE permits, I would be very very surprised if COE get anywhere near $10 / barrel. Thats usually an industry average for DEVELOPED reserves. Whilst HW-3 sounds good, there is nothing in there to suggest this is anywhere near developed. At best I think they will get around $4/ barrel but far more likely, somewhere around $3-$3.50 / barrel IMO.

Whilst I couldn't see JKA buying all of the COE interest, it would be great to be able to buy a portion of the asset, say around 10%, that would be great for JKA.