my take on the recap, page-22

Patersons have not updated their broker report yet.

Last broker report was issued on 2.8.2010 with a TP of $ 0.16.

Cut and paste below:



RESEARCH NOTE V PATERSONS SECURITIES LIMITED 1
All information and advice is confidential and for the private information of the person to whom it is provided and is provided without any responsibility
or liability on any account whatsoever on the part of this firm or any member or employee thereof.
RESEARCH NOTE
JUPITER ENERGY LTD
Investment Highlights
h Transformation from explorer to producer. The June Q marked
an important milestone for JPR with the J-50 well coming onstream
which transformed JPR from oil explorer to oil producer. The J-50
well remains on production test until late August to establish an
optimal long term production rate to maximise ultimate recovery.
During June and July, the J-50 well production rate ranged between
350 to 435bopd.
h Significant Resource Upgrade. JPR announced a significant
resource upgrade of Block 31 from 43mmbbls to 80.4mmbbls. The
additional resources are located to the north of the J-50 well and
are a result of an independent review by Reservoir Evaluation
Services LLP incorporating drilling data from the J-50 well. The
incremental resources are contingent with further appraisal required
to confirm how much of this resource is actually recoverable.
Notwithstanding this, we believe the latest resource evaluation
highlights the potential of JPRs Block 31 acreage with future
resource upgrades expected in the near term as JPR progresses the
appraisal and development of Block 31.
h Discussions with potential Joint Venture partners. JPR has
announced discussions with third parties have commenced
regarding the ongoing development of Block 31. With a cash
position of $A1.34m at the end of the June Q, JPR will need funding
as soon as possible to continue the development of Block 31. The
spud date for the next well on the drilling sequence (J-51) is
planned for September and JPR will struggle to drill this well without
JV partner funds or alternate financing.
h We maintain our SPECULATIVE BUY recommendation for JPR
and a price target of $0.16/share. We would like to see the
delivery of a long term production rate on J-50 and the delivery of
future wells to de-risk JPR. We would also like to see funds secured
as soon as possible to finance the near term development of Block
31 and the granting of a trial production license.
2 August 2010
12mth Rating SPEC BUY
Price A$ 0.04
Target Price A$ 0.16
12m Total Return % 289.3
RIC: JPR.AX BBG: JPR AU
Shares o/s m 886.2
Free Float % 94.0
Market Cap. A$m 35.4
Net Debt (Cash) A$m -1.3
Net Debt/Equity % na
3m Av. D. Tover A$m 0
52wk High/Low A$ 0.08/0.02
2yr adj. beta 0
Valuation:
Methodology DCF
Value per share A$ 0.16
Analyst: Edwin Bulseco