Ann: Independent review upgrades Block 31 resourc, page-25

re: Ann: Independent review upgrades Block 31... "58mmbo(million barrels of oil) P50 recoverable resources in JPR's Block 31 Triassic reservoirs at a conservative $5 a barrel equates to 33c oer share...nothing to yawn at alexjo imo"

Resources aren't reserves. $5 is not "conservative" at all for a resource!

Most junior oilers are trading circa $1/bbl or resource - even the ones scrounding around for finance. So a resource of 80mmbbl should reasonably give a MC of approx $80 million also.

This is shored up by some of the resources having been proved up to reserves. Reserves are trading at about $3-10/bbl depending on how well developed the field is.

I think at this stage at JPR is worth $80-100Million with funding requirements being the pain thing holding it down (world markets excluded). I think a JV based on the merits of the field rather than the fickle share price is the obvious way to go and I'm very happy for them to farm out a chunk if they can do so on better terms than issuing more shares.

360BOPD was the only disappointment for me, but as others have said its hard to know how "choked" that rate is.

Very happy with today's announcement. Downside seems far more limited now. I'll let the upside take care of itself.