I disagree, I thought Scott Spencer looked assured in the video...

I disagree, I thought Scott Spencer looked assured in the video this morning, quite the opposite.

I dont believe you can fault management for running into exceptional drilling challenges. There was precedent nearby with the successful Mamoura field, and they were drilling in relatively shallow water. Jacka's thesis - that previous drills had missed the fracture zones, and one that few believed - appears to have been validated. This demonstrates foresight, the ability to create long term value by moving into assets early or at a low point in their valution. That is what the team achieved at Hardman resources over time.

Jacka have demonstrated that their interpretation of an opportunity is quite sophisticated. No doubt their geologist Justyn Wood helped in this process. Recall that Justyn designed the the original Lake Albert Uganda drilling programme that has created billions of value for Tullow and Hardman resources.

Tanzania, Jacka secured a strategically valuable asset well ahead of the pack. They leveraged off their years of doing business in East Africa to see the value of the play.

Somaliland, again, early entry and then Genel validation. great vision.

Nigeria. They secured an asset opportunistically when the partners were not aligned. It now seems the partners are becoming aligned, validating their entry. Afren has recently entered the same asset, at c.$2.5m per percentage point, a level close to where Jacka paid, but arguably Afren's entry raises the value again.

Jacka have been incredibly unlucky in my view. They did what they had to do in raising money when they did. Had they made strategically bad decisions, well I would sell and move on. But what has happened has been beyond their control. No doubt they will learn a lot frmo the experience and emerge a stronger company. I am more inclined to support them through what has been a very difficult time.