1. Conduct 3D seismic on Block 31 in early new year. JPR (apparently?) close to finalising a contract for this to be carried out. Block 31 surmised to contain at least two relatively low risk prospects on the permit that may provide JPR with an opportunity to produce 20mill barrels. 2. Acquisition of existing oil field expected to occur within the next month. 3. An opportunity to acquire an interest in an existing oil producing field expected to be closed by end of March 2008. 4. Concentrated drilling exploration program on Block 31 post shooting of 3D seismic.
5. Obviously JPR is going to have to throw in a capital raising somewhere along the way here... both to pay (i'm sure partially anyway) for acquisitions and 3D seismic/drilling services. Assuming JPR paid out the remainder of its obligation to purchase Block 31 or will do so soon, its cash position should be next to nothing. (Last quarterly placed its cash position at approx. AU$7m, whilst consideration on the permit was US$6m). 6. JPR in its current form has failed to meet time-limes - further the current market environment would not be making JPR's acquisition task any easier.
What are people's opinions on the quality of Block 31? Is this a highly sought after permit in a top quality area???
And is Gander actually up to the task here? I've heard Andrew Childs has had his fair share of success in the oil business before.
Many questions I know... but JPR rarely provides you with answers.
JPR Price at posting:
0.0¢ Sentiment: None Disclosure: Held
