The COE announcement made reference to parties expressing...

The COE announcement made reference to parties expressing interest in purchasing their Tunisian acreage ahead of opening the data room in mid February. Dragon Energy would have to be front and center.

Why not engage in a parallel process? Engage Miro. Sell 5%.

It is crazy that the Board of JKA can recommend a takeover where the value of its potentially most important asset is not known or tested. They make a takeover recommendation and then announce they have engaged independent experts to provide an opinion on the resource to be delivered after the bid documents are lodged.

My personal take is given the well came in 40 meters high and the pre drill 2C P50 case was gross 110 million barrels and P10 was 210 million barrels, lets assume gross 150 million.

JKA share at $US 10/ bbl (per D Maxwell) that is $225 million. Given the uncertainty lets discount it by 50% that is $112 million. Discount by 75% is $56 million.

Sell 5% would be $18-33 million on my rough numbers.


If you look at the high risk of failure of TPT Morocco well what have you got: approx half of $18 million or $9 million JKA share.

As I have said before in other posts small companies like JKA cannot afford to farmin or pay drilling costs. There is obviously a funding issue but the Directors appear to have jumped at the first lifeline which came their way.

Why not talk to companies with African aspirations who have cash such as Beach Energy ( who now have 19% of COE) .

The Directors need to pay the modest break fee and start looking at the value of its assets which will otherwise be transferred to TPT under the proposed takeover.

I will not be selling to TPT at anything less than 50 cents per share, given the other interests outside of Tunisia.