Cash has been burned quickly whilst JKX has been developing its Russian Assets. These are due to come on stream soon which will mean cash can be realised from this investment. JKX has also sorted out is tax position in the Ukraine where it has stated that it expects to pay less tax this current year than last. Finally, enough cash has been realised to settle some short term financing arranged to cover the Russian investment.Overall, whilst the last 18-24 months has been like watching a ski slope develop in front of my eyes, I believe the worst is past. Some of the new management has also been purchasing shares and it looks like whilst things will be tough the shares will appreciate from this point.
Typically bounces off this level. Cheap oil stock, plenty of drilling results coming up.
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