JKA - Jacka resources limited - micro cap -2 Big drills over the next 6 months

[boysy]

An interesting play - tightly held share micro cap MC around ~A$10 million - has some hot gas acreage in WA-399 P and a proven oil structure in Tunisia. High impact drills the first being onshore in Tunisa next month any success should send this one flying.

http://www.jackaresources.com.au/

Tightly held capital base – 30 million shares on issue – rising to 46 million upon approvals at AGM in Oct10


Jacka holds 15% of WA-399-P in highly prospective Exmouth basin


Jacka holds 15% of Bargou block Tunisia (subject to farmin) with over 600 Million barrels of un-risked mean prospective resources


Exposure to a minimum of 2 wells (one exploration and on appraisal) within 12 months targeting 24 and 49 million barrels recoverable resources


Possible fast track development of onshore prospect (Menzel Horr) onshore Tunisia in the success case


Multiple untested independent structures for exploration follow up

latest update well worth a read
http://www.jackaresources.com.au/images/stories/corp/0027_JKA_Company_Update.pdf

[shasta]

An interesting play - tightly held share micro cap MC around ~A$10 million - has some hot gas acreage in WA-399 P and a proven oil structure in Tunisia. High impact drills the first being onshore in Tunisa next month any success should send this one flying.

http://www.jackaresources.com.au/

Tightly held capital base – 30 million shares on issue – rising to 46 million upon approvals at AGM in Oct10

Jacka holds 15% of WA-399-P in highly prospective Exmouth basin

Jacka holds 15% of Bargou block Tunisia (subject to farmin) with over 600 Million barrels of un-risked mean prospective resources

Exposure to a minimum of 2 wells (one exploration and on appraisal) within 12 months targeting 24 and 49 million barrels recoverable resources

Possible fast track development of onshore prospect (Menzel Horr) onshore Tunisia in the success case

Multiple untested independent structures for exploration follow up

latest update well worth a read
http://www.jackaresources.com.au/images/stories/corp/0027_JKA_Company_Update.pdf

JKA will need to raise around $10m to fund there share of the drills, not a huge amount but for a small slice of the action that will dillute things

Mgmt etc owns 30% so will be interesting if they cough up

Im not a big fan of WA Gas plays, the Govt has already given those holding permits a hurry up or risk losing them, for those stalling the projects awaiting better domestic gas prices

BPT hasnt had much joy in Tunisia, but an interesting play if it strikes it lucky

Will keep on watch for now

[boysy]

As you mention there shasta they will need more cash whether the interesting play will be the Hammamet West horizontal drill. But as you say they will need to get more funds to fund their share.

[boysy]

spud date anticipated 21 -24 dec

http://www.asx.com.au/asxpdf/20101201/pdf/31v9tg952rnl22.pdf

Targeting 24 million barrels p50 - 25 days to drill

[boysy]

Spud ann should be any day now a wee bit more volume going through JKA up 10% or 2 cents so far today on 350,000 volume

[boysy]

Well we got the ann out last week anticipated spud date should of already happened let the games begin.

Drill at Menzel horr-1 expected to take 25 days targeting 24 million barrels recoverable ~30% POS

[boysy]

Menzel Horr-1 spud http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=JKA

It will be interesting to see how it pans out should fly on any oil whispers

[boysy]

7 days into frill expected to take 25 days the main plays will be intersected from day 10-25 so should get a ann late this week early next week going through first target and a week later for the primary 2 targets. 30% POS for finding oil in at least 1 target formation with 17% POS in each of the 3 formations.

http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=COE

[boysy]

Quarterly out interesting reading should get the 3d seismic over feb-march funded by Apache over wa-399-p things however still on hold in Tunisia i guess bad timing is all that can be said will be interesting to see it they actually find anything. At the end of the quarter still 1.6 million in the kitty so they might not have to go cap in hand for another quarter possibly a wee bit more. at 15 cents the MC less than 6 million though they will have to raise money sooner than later there could be some money to be had based on WA permit alone.

http://www.asx.com.au/asxpdf/20110121/pdf/41w9qghrgk50n7.pdf