j-59, page-7

You can’t really argue with JPR’s performance – I’m almost becoming bored with them striking oil. Another 83m of net pay in the bag today and another likely minimum 10mmbo 2Ps to add to the likely 20mmbo 2Ps already discovered in the extension and the 30+mmbo 2Ps already found at Akkar East. Whilst it’s always advisable to be conservative in trying to estimate things such as aggregate 2P numbers, flowrates, netback per bbl etc, etc, I’m inclined to think that the thickness of the additional T2A reservoir and what appears as JPR’s confidence in the Z sands (about both of which we’ve really heard nothing yet in terms of flow tests etc) suggests the view that there’s potential for the size of these discoveries to be to the upside of current indications.

That’s seven successful wells from seven; proven and significantly growing reserves and production; few shares in issue; and only a relatively modest sum of funds required to move the Company to the point of becoming self-funding. Few junior oilies can match that profile, and even fewer at the value currently represented by the sp.