rights issue ... what to do ?

I just reviewed the rights issue and will be doing it

The Board has little choices ... and seems the new guys are having a practical effect.

After the ex chairman ... and that useless financial guy, the new Board can only go after a small amount of cash.

Agree with selling Nigeria ... I have seen the development budget, so best sell, should get +$15m. That values the block at $300m
.... All comments on price are welcome.

Next Tunisia ... Re-entry cost and testing, I think $15m should do it, so Jacka cost = $2.3m and can be financed via current fund raising.

I also notice today Cooper released a presentation, But no update on reserve estimate in Tunisia.

Suspect Tunisia activity will be Aug / Sep ... so some nice action not too far away.
Results should be quick, 2 months, and if good, we will probably see +$0.20 a share. If a dry well, I do not see any affect on the current valuation.

Well Tanizia ... thats a long way a way, so not on my radar.

So that leaves us with Nigeria (or c $15m cash) ... and Somaliland worth $15m cash ($3m paid) ... and $15m valuation. Thats net $42m ($0.125 a share) ... ignoring Tunisia.

I am hearing some really good things about Somaliland ... we will see Seismic activity this year which will bring in more cash from Sterling.

Somaliland is the real action for this share in the medium term.
A lot of people dont like the political risk ... but they dont understand the area. Genel & Sterling do, thats why they are valuing a virgin block at $100m.

When we do drill here next year I think we will see Jacka at +$0.50 during drilling and god know after that ...

And I think that is why Jacka are selling Nigeria .. keep their options open about funding Somaliland / Tunisia ... or something else.

A bird in the hand is worth 2 in the bush.