Hi Kartin Been following for about 2 mts .. and done a fair...

Hi Kartin

Been following for about 2 mts .. and done a fair bit

But I must admit I have not really looked at Nigeria and made a mistake re Aje field(5%) and OML 113(2.5%). As you say they are one and the same thing. Means I have double counted the cash resale value($40m) which is now c $20m, but this is still the same as Jackas market cap at present. That is great insurance for me and thus get the rest of the asstes for free in the current share price.

Nigeria does nothing for me, it is just great insurance and I would prefer them to sell and focus on exploration. But I supose they want production to satisfy institutional investors, which is great for next year.

Re reserves in Tunisia, I am just being very conservitave with 20m barrels ... it could still come in at 200m (maybe 10% chance. This is very ealy days in the drilling campaigne. Plenty of oil fields had dry wells before they hit, North Sea had +20, Not saying this block is the N Sea and technology is differeny now, but there are pockets of oil in this block. Tunisia is a free ride in the share price.

Tomorrow I am not expecting big news, just that they are moving on to the horizontal section. But I am not investing in Jacka for the short term. This is a 2 year hold with lots of big action for such a small IOC. One bit of good news in Somalialnd could drive the price to multiples of $0.70, and Somaliland is also a free asset in the curent share price.

What other $20m market cap IOC has such upside, I would love to know? Target is +$0.70, but even if everything goes wrong I am still expecting $0.30. Not bad.

All the best