I did not think of another side-track .. so that is good (saves...

I did not think of another side-track .. so that is good (saves a lot of money).
And I presume that would also allow the High Pressure drilling.

Re the next Tunisian campaign, which would be next year (probably Q3), I would not be concerned about where Jacka will get the finance.

However I think they have totally destroyed their reputation here in Australia for raising cash, and any other market for the matter. Investors are exhausted with Jacka raising capital, Jacka have just done it too many time over the last 2 years.

Jacka now need to PROVE they can stand on their own 2 feet for finance. They have taken some big risks and the market has played along, BUT THAT IS OVER / FINISHED.

So Jacka WILL HAVE TO SELL SOMETHING, (they have the assets), then get a result (a farmout in Tanzania) to restore our confidence in the directors, particularly Scot Spencer (he was very nervous in the video this morning … he knows he has screwed up big time) and after that, then come back to the market.

ASSETS TO SELL

Nigeria … plenty of potential buyers, the market will be disappointed but it would approve because Tunisia has better upside.

Somaliland … they have 30% here and a carry to the 1st well, selling 50% might be an option and DNO could be an option. If Jacka managed to do this, it would be an ABSOLUTE MASSIVE RESULT. At the moment it is worth nothing in the share price.

Tunisia … they could easily sell 50% here to finance the next campaign. Plenty of buyers with the prospect of near term oil production.


BUT THEY HAVE TO SELL SOMETHING NOW, sooner rather than later. The share price is on its knees at present because of another bloody potential placing (which would be suicide at this valuation of $23m … just hope Scot Spencer realises his job is now on the line).

Jacka have taken the risks, we played along, did not pay off, still a lot of potential, but they have to consolidate (SELL SOMETHING) to move forward.