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Jacka Resources (ASX:JKA) struggles to end suspension
  • Oil and gas explorer Jacka Resources (JKA) has not conducted any production or development activities during the 2020 June quarter
  • The company has been suspended from trading its securities on the ASX since late September 2018
  • Since then, the company has been looking for avenues which will allow it to demonstrate compliance with the ASX’s listing rule
  • Jacka Resources expects that the suspension will be lifted when this finally occurs
  • While the company identified new potential projects over the June quarter, COVID-19 travel restrictions hindered the ability to properly assess them
  • Jacka Resources has retained an option to acquire a five per cent participating interest in Somaliland’s Odewayne Block
  • At the end of the 2020 June quarter, the company had approximately $265,000 in cash on hand
  • Jacka Resources shares last traded for 0.3 cents in September 2018

Jacka Resources (JKA) has not conducted any production or development activities during the 2020 June quarter.

The company has been suspended from trading its securities on the ASX since late September 2018. At the time, Jacka Resources sought the voluntary suspension, pending the completion of a transaction which would satisfy the requirements of an ASX listing rule.

Since then, the company has been looking for avenues which will allow it to demonstrate compliance with the ASX’s listing rule. Jacka Resources expects that the suspension will be lifted when this finally occurs.

During the 2020 June quarter, the company focused on investigating suitable resource projects. Such a project could help augment Jacka’s existing operations, restore its shares to trading, and improve value for shareholders.

The company was able to identify new potential investments in the oil and gas and minerals sector. Unfortunately, COVID-19 travel restrictions hindered Jacka’s ability to properly assess and review the project opportunities.

At this time, no transaction worthy of announcing has been concluded by the company during the 2020 June quarter. However, Jacka Resources did retain an option to acquire a five per cent participating interest in Somaliland’s Odewayne Block.

That option can be exercised once the first of two actions take place. These include the proposal of a second well under the production sharing contract (PSC), or the parties entering the fifth period of the PSC.

Jacka Resources’ corporate and other expenditure for the 2020 June quarter totalled $75,000. As of June 30, 2020, the company had approximately $265,000 in cash on hand.

Jacka Resources shares last traded for 0.3 cents in October 2018.


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