Ann: Reserves Update , page-8

Rafish - thank you for that excellent post (and to the other contributors) - it makes what appears to be disappointing news clearer.

However isn't the real problem funding?

This is what the company said a few months ago -

"As outlined in the announcement made on 31 May 2013, the Company is currently in discussions with a number of parties regarding a range of long term funding options including bank debt; completion of the CPR is not likely to be a condition precedent on the closing of this funding."

and

"As part of the 31 May 2013 announcement, the Company also advised that it was in discussion with several banks and institutions that provide project finance and/or reserve based debt for oil and gas developments. It stated that one common condition of these sources of financing was that the funding will only be for the development of the Akkar East oilfield and not for further exploration activity. As a result, there has been and may continue to be a requirement for additional funding and this may again be through the issue of further Convertible Notes"

So it looks like long term the company will have lots of oil to be exported, but short term financing is a major issue. Until that is resolved surely the shares will go no where.

And as everyone knows small oilers are having some difficulty raising funding at present. JPRL does have some supportive backers so hopefully they will come through - but I think that we will be able to pick these up fairly cheaply for a while yet.

And hopefully the money will not run out!