j50 flow rates, page-10

The market is irrational and impatient. This is in relation to all stocks, not just JPR.
Like most oil explorers/emerging producers, the first producing well is very much a learning experience. Until you actually drill the well, all you have is seismic and best gueses based on nearby wells. BCC in the USA are going through the same learning curve with Vick 1 and 2.
Now that J50 is flowing commercial oil, the company headed by David Thorpe can input so much more data into their models that will assist them in maximizing productivity out of J50. This will also give them a greater understanding of what to do with J51, J52 etc etc. If people want to sell this stock at a market cap of $31M which values the 2P reserves at AUD$3.60 per barrel, then that's their prerogative. Short term, the sellers have been spot on. No arguments from me there.
Just bear in mind that after J51 is drilled and presumably hits commercial oil (being a step out from J50), the company can then get Synergy or another 3rd party company to re-evaluate the reserves. One would think there is a good chance of an upgrade to the 8.6 mmbbls in the Triassic and also a transfer from 2P reserves to 1P reserves. The analysts can then crunch their numbers based on that. Right now, it's impossible to accurately value JPR, hence the nervousness. Once we get stabilised flow rates from J50 and then J51, everyone will be able to assign a fair value to JPR based on facts, not potential.