new broker report, page-4

The previous broker reports have been largely accurate in key respects. For example, the likely excellent prospectivity of Akkar East; the ability to transition from explorer into revenue-generating producer; the need for additional capital to progress to the next stage of activity; and the very considerable discount at which JPR trades relative to reserves and asset valuations, were all pretty much correct. Where they were undoubtedly wide of the mark was with issues such as target prices and production volumes by this point. However, both these shortcomings are largely functions of the markets, especially since JPR listed on AIM in London. The Eurozone sovereign debt crisis together with the solvency crisis in the banking system has made the markets extremely difficult when it comes to issues such as capital raising etc, and IMO this has dramatically slowed JPR's progress over the last year or so. Fortunately, both Waterford and SNG were prepared to underwrite the RI rather than see big dilution at a very low price.

I'm confident that JPR has a string of positive news in the offing. The results of the new J55 & J58 exploration wells; the addition of the J51 & J53 wells to longer-term production under TPL; and what I hope and expect will be a significant increase in PRMS 2P reserves come the next CPR in early 2013, should all hopefully raise JPR's profile considerably.