I dont know where the selling is coming from but the sp is...

I dont know where the selling is coming from but the sp is behaving as if a cap raise is expected or has been announced!

To date, JKA has not put a foot wrong.If you look at its history JKA has in a couple of years put together a very strategic package of tenements and they have been extra clever when it comes to raising money. Just look at last underwritten options at 20c to see how clever. As they are not desperate for funds why would they put sp at risk by a very dumb cap raise now?

They stated quite clearly in Jan that sufficient funds had been raised for Hammermet and Aje drilling. I accept that budgets do change, time frames blow out, but current sp of 8.2c either forecasts a failure at Hammermet or a cap raise is imminent.

Now, both are possible but does anyone really think they are going to go to the market right now approx two weeks until oil flows and maybe do a low ball raise? I think our directors are smarter than that. And I put money where the mouth is and bought more at 8.4c today. and I'm in Q if it falls further.

I think that current sp shows nothing other than there is near zero appetite for risk. Despite the current sp, JKA remains IMO a very good punt for an oil explorer, just as it was a few months back.