Highlights Funding secured to progress block 31 development Encouraging J-50 well results but slow progress Waterford Group now a cornerstone investor Resource upgrade late 2010/early 2011
We maintain our SPECULATIVE BUY recommendation and price target of $0.13/share but highlight the successful appraisal of the next two wells (J-52 and J-51) and the granting of a trial production license (allowing JPR to sell oil to the export market) as the key risks and catalysts.
Not so sure about the recommended price target but then again their last was even more random...
JPR Price at posting:
57.0¢ Sentiment: None Disclosure: Not Held
