I haven't assumed any cost for development of HW as a producing...

I haven't assumed any cost for development of HW as a producing scenario. This would cost in the region of $80m for JKA and I would think they should be able to access debt markets to fund this.

As stated, the Aje EPS if this goes ahead with the completion of the 1 suspended well and Aje-5 will start to generate cashflow for JKA. I have then assumed that they will complete the full Aje development scenario using debt facilities (RBL) which will cost $16m.

If they do as they have said (which is what I have built in, just assumed the full development costs will be picked up through an RBL), then $5-7.5m will be plenty of cash to follow up with this. The Aje EPS will cost in the region of $2.5m for JKA.