Jacka is relatively easy to value. Back of envelope numbers:
Cash $11m
Aje $25m
Somaliland $5m
Tanzania $3m
Tunisia $5m
Total $49m
Dont hammer me about Somailand/Tanzania/Tunisia values . These are variable and I have guestimated - Tanzania was a purchase straight off the government probably only a million for the block. PVD was looking at this one also in 2012 as were others. Somaliland is free carry and prospective although there is a civil war so may never get anywhere. Tunisia needs more money for another drill but there does appear to be a bit of oil there at 3000 BOPD though thats a non commercial mud pit they need better flow results.
366m shares @ 4.8c = $16m.
Need to discount a bit for the drill of Tunisia and the possible development of Aje, plus the cash burn over the next 12 months.
Lets say $10m. That makes it about $39m/366m shares = 10.5c.
Thats about the number I would expect about 10c should someone be keen. PVD would be having a look in my opinion. They are aggressive and need some cash flows - Aje may provide this in a couple of years. Beach is also over there no idea if they acquire. Doubt any of the majors would be looking at this portfolio it's too small. There are a few smaller London companies that operate in Africa also that could be keen.
Theres a skeleton board now so maybe they are a sitting duck.
JKA Price at posting:
4.8¢ Sentiment: None Disclosure: Not Held
