takeover on the tabel today !!, page-48

Holiday on Monday in ACT NSW & SA. UK & Europe will not be in the market until Tuesday. The ASX is open for business.

Will the anticipated softness for JPR on Monday kill the rally or will JPR make some ann to keep up the current momentum?

Nice to see you're in the black nathanblack; another 3 ticks and I'll be joining you - Whew!.

What did you think of the Biskra revelations in the Annual Report. With Mr Biskra such a canny negotiator, I'd like to be Mrs Biskra...no ready cash problems for her I'd say!! Trouble is, we shareholders cannot find out who Biskra is from Company disclosures or searches, so I can't get the opportunity to ask for his hand...damn!

page 8 of the report:
During the year the following capital raisings were completed:

"On 18 May 2010 the Company issued 28,272,769 shares to Biskra Holdings in relation to the payment of a fee relating to the 2008 Block 31 extension completed in 2008."

This related to full payment to Biskra...

then p 12:

"On 16 September 2010 the obligation to Biskra was settled in full."

explained by p52:

"The Biskra payable related to the success fee for the extension of Block 31 of US $3,500,000 payable to Biskra Holdings Limited. During the year US$1,525,000 was paid to Biskra holdings, leaving a balance of US$1,975,000. On 18 May 2010, it was agreed to settle the remaining debt by the following:

- US$320,000 cash; and
- US$1,655,000 in shares being 28,292,769 ordinary shares in the Company at a deemed price of A$0.065.

Under the agreement if the proceeds from the sale of all 28,292,769 shares sum to less than US$1,475,000, the Company
shall have an obligation to compensate Biskra for the shortfall. As at 30 June 2010, the Company has recorded a payable of A$732,369 based on the closing share price at 30 June 2010 of A$0.034.As at 16 September 2010 the obligation to Biskra had been settled in full."

The agreement as disclosed above was not disclosed prior to this Annual Report to my knowledge; shareholders should have been informed because of the material effect it may have had on the securities unless there was an offset of some description which may have to have been disclosed under ASX rules.

Biskra still held 16M shares at the end of June.

On the day preceding the Biskra agreement, 17 May, 2010, the sp was 3.6 cents so there was an immediate commitment to pay Biskra the balance.

On 18 May, 2010, G Gander appears to have potentially misled shareholders by announcing Biskra had been paid in full:

"As the Company has advised in numerous announcements and was most recently disclosed in its 2009/2010 Half Year Accounts (see note 7) released in March 2010, a payment of
$US2.475 million is due to Biscra Holdings (Biscra) on or before 30 June 2010. This fee relates to payment for advisory services involved in the successful 2008 extension of Block 31. The Company, as at today, still owes $US1.975 million of this fee having paid a further $US500,000 to Biscra since the release of the Half Year accounts.
The Company is pleased to advise that it has reached the following agreement with Biscra in relation to the settlement of the outstanding $US1.975 million owed. Biscra will be:

 allotted 28,292,769 shares at a price of $A0.065 per share
 paid a final cash payment of $US320,000

Based on a exchange rate of $A1 = $US0.90, this combination of cash and scrip equates to the $US1.975m outstanding and enables the Company to meet its financial obligation to
Biscra by the due date.

The effect of the Company?s settlement agreement with Biscra is that it has no need to complete the balance of the initially proposed $A6.5 million capital raising. The Company has assumed that there will be no incoming funds from the exercise of the JPROA options and therefore part of the proposed $A6.5 million placement proceeds would have to have been used to pay Biscra its outstanding payment. The Company will instead now satisfy a portion of the Biscra payable by the issue of shares in the Company at 6.5 cents. In summary, this leaves the Company in exactly the same position as it would have been had the full $A6.5 million capital raising been completed.

The finalisation of the Biscra payment means the Company has no other material 2010 legal financial commitments other than the need to drill J-51: its Block 31 2010 commitment well.

Under the Block 31 working commitment program, this well should be completed by 31 December 2010.
Any questions on this announcement should be direct to Executive Chairman, Geoff Gander,
via email - [email protected]"

HUH!!! "the Company has no other material 2010 legal financial commitments other than the need to drill J-51"
Only a mere A$732,369 contracted to Biscra for shortfall in share price(they keep changing from Biscra to Biskra but compared to the original changes of names/companies to whom the debt was due, this is a minor infringement).

"As Jupiter Energy Limited is listed on the Australian Stock Exchange, it is subject to the continuous disclosure requirements of the ASX Listing Rules which require immediate disclosure to the market of information that is likely to have a material effect on the price or value of Jupiter Energy Limited?s securities."

Was A$732,369 likely to have had a "material effect" on JPR value...certainly could have back in May when there was a shortfall in the May 100M share Placement and the 28% placement to Biscra was announced.

Perhaps it is time for a new Chairman to be elected by the incoming Board...should be plenty of takers for $659,867 cash & shares per year...I'd even put my own hand up for the position provided the time in Kazakhstan was at their 5 star hotel - looks quite nice to say the least.