I personally don't think JKA would want more than ay 15% of the...

I personally don't think JKA would want more than ay 15% of the block at this point in time. The transaction would be bigger than their current market cap (there is no way they would get 30% of it for less than $25m). It also exposes them to funding risk (which their strategy on funding risk is probably 1 which differentiates them from other explorers) as the capex requirements would be huge for a company of JKA's size.

I'm not overly fussed by what COE have said, strange timing sure, but it sounds like they have wanted to reduce focus back within Australia and they would sell regardless of the HW-3 result (good or bad).

What it will do for JKA though, is highlight what peers in the marketplace are willing to pay for it, in a usual transaction this would be $ / 2C resource. I doubt that anyone will buy it for less than $1/ 2C resource therefore there is only upside risk to this process for JKA (assuming 2C stays at 111mbarrels gross or higher) as JKA are valued at less than $1 / barrel of 2C resource. I would usually expect transactions for explored and appraised blocks to go or around $2-$3 / barrel, which if COE manage to do this, will identify clearly how under valued JKA are.

For the record, if JKA's 2C resources for both Aje and HW-3 were valued at $3 / 2C, then the share price would be at 25-26c with the other assets (and upside potential) all priced in for free.

Failing to see why the market doesn;t seem to see how much of a screaming buy JKA is.