Just started buying into JKA today. Not a huge stake but trying to shuffle a few things round to buy a few more.
I like the prospects here and especially Aje. I know a fair amount about the region having been invested in Afren for the last 3 years and see this as great stake building. Sure its only a small stake but to be close to booking 10m barrels of 2P resources is huge for a $20m company!! I especially like the look of the Aje-4 wtih a significantly larger oil and gas column than the other 2 wells. Does anyone know if the 200m barrels was before or after Aje 4 completed as this could indicate further volume increases could occur?
Would be interesting to know if Chevron were planning on drilling any exploration wells anytime soon on the block as resources could grow significantly from the 200m area too.
Its also good to see the Tunisia block has 2 wells confirm oil and the 3rd in H1 2012 should push these closer to a 2P scenario. Thats a further 16.6m barrels of oil, so JKA could have 26.6m barrels of 2P in a fairly short period and a $20m market cap certainly doesn't appear to be taking much of that into account.
I think the last presentation suggested an AIM listing in Q1 2012 which I think would be a great move which could be a catalyst for pushing the SP higher.
Looking good for the future IMO.
JKA Price at posting:
13.1¢ Sentiment: Buy Disclosure: Held
