They don't have to sell anything. The gameplan with Aje was to...

They don't have to sell anything. The gameplan with Aje was to start up an EPS using the 2 wells already suspended for production and the 1 additional well they are planning on drilling. This well would also allow them to book 2P reserves. I have estimated around $50m to get an EPS up and running, 1 additional well and re-entry of the other, with a leased FPSO.

The timing of first oil would all depend on when they could get a leased FPSO as well as drilling timetables, but I haven't yet seen anything to say that the EPS is off the table. At $50m, this would cost JKA around $2.5m and then the field would be into production, and 2P reserves would be booked.

Selling now, would be robbing Peter to pay Paul as they would likely need further funds anyway. May as well start producing and work from there if they could produce from Aje within a year. I would expect well costs to be kept down, as any development well / re-entry would likely be in tandem with Afren / LEK appraising the Ogo discovery in OPL310.

If lucky they may be able to access debt markets to do this, so I think asset sale is too early and would be a knee jerk reaction.

I like all the assets so don't really see an asset sale extracting maximum value for JKA, they absolutely need to look at potential debt instruments whether secured (RBL) or not.