Ha Ha, I'm a bit slow sometimes. When I read the announcement...

Ha Ha, I'm a bit slow sometimes. When I read the announcement today I said OK. It wasn't until a couple of hours later I understood what had happened, that is after the market closed of course. Basically over the weekend JPR doubled the amount of oil so far discovered and were drilling ahead. Yes, last Friday they had 27 metres of oil in the Mid Triassic, today they announced it is 51 metres and increasing. I know they are expecting 120 metres, of course it won't be exactly that maybe 90, or 105 or 135 metres, you know what I mean. But right NOW JPR has at least 51 metres of oil and no matter what happens from here that's a bloody lot of oil.
Also it took from Thursday of the trading holt to Friday the 26th to drill 18 metres and core 9 metres of the reservoir (8 days). Yes EIGHT DAYS for 27 metres. Last weekend bang , cored 9 metres and drilled another 15 metres that is, 24 metres in 3 days.
In 30 more metres they are back to coring again. Maybe they will finish this 30 metres tonight and we will have another announcement tomorrow. No coring , just straight forward continue drilling the softer reservoir until it's time to pull out of hole and put whatever it is they use for taking the cores.
Also they are still drilling, meaning no diasters, breakdowns etc (touch wood) so far.And JPR have down the coring as planned and successfully removed the cores from the hole. AND WE GOT OIL. Todays headline for the announcement was so low key "JPR continues to core and drill middle triassic reservoir" .
People sold a lot of shares today, what were they thinking. The price went up 2.99%, an absolutely glorious result. But I think the more savy people were buying today, I don't think buying will be as easy tomorrow.

Eureka

Saltbus