Crows, JKA also have 50million listed options and another 30...

Crows, JKA also have 50million listed options and another 30 million unlisted, 80 million *0.468
so add 40 million possible shares after the merger


You can definitely look at comparison MCAPS in the industry

PVD 9 billion prospective resources, 2 free drills, 1 drilling this year with 1.5billion recoverable - 70m mcap

FAR 7 billion prospective 2 free wells, and a total of 5 wells in next 18 months. 100m mcap

JPR near 100million 2p resources in trial production, cash flow positive and about to go into full production 65m mcap


unless we hear something positive in the quarterlys about a AJE , HW-3 rig booking, the market will keep them discounted. it will be very hard to keep a 100m mcap.

if Morocco fails, you will just have JKA assets, with bigger admin costs. cash will be irrelevant, Jacka have 12m coming in, and i think you'd be lucky to get the same from TPT after the Morocco well.
so JKA with 12 million coming in and all it's assets is still currently valued at 40m