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Peace, you cannot include the oppies without also including the $24m cash they raise.

At 10c the market cap would be $91m less the $24m = $67m enterprise value.

This well alone is estimated to contain 11m barrels recoverable (see Good Oil presentation announced 02.09.09.) That's a reserve of about $900m.

At 450 bopd and say 330 production days and $40 operating profit, they would have about a $6m pa operating profit. Assuming 11m barrels recoverable this would go on for something like 70 years.

What's the npv of $6m pa over 70 yrs? I'm guessing it's north of $67m.

Now add the enterprise value of the rest of JPR's ground, which would have now increased in prospectivity.

10c sp is cheap imo.

I feel that what's needed is formal production testing and a reserve statement for a full re-rating. When that comes though we'll probably be looking at well over 15c. Imo current levels are a cheap entry.

cosmos