Ann: Results of Meeting , page-35

The problem with a "comprehensive situation report" is it can only disappoint. Positive people are expecting minimum 400bopd, some even think stimulation will sriously up that. If an update comes in at anything less than 400bopd, the market will be disappointed. The whole Block31 will be judged on J50 until we have data from J51 to compare.

You just need to keep coming back to the simple equation:

JPR= 1.5bil shares = market cap of $45mil = Block31 + cash

The cash will quickly go, with NWZ2 pump, J51, possibly J52 and administration expenses. More than half will be gone by years end. Hopefully enough will remain for J52.

Once cash is gone, JPR is Block31 only. How do you double you money? ie MC $90mil? Thats doable in short term. Simple prove up the reserves and establish commercial wells. Is J50 a success? Will J51 be same or better? etc...

So, if no more shares are issued we can feasibly double our money. Can we tripple or quadrupple it? Hard to see it IMO. When we reach 100mil MC their are performance shares issued. What about if we need another issue to partially fund J52?

Block31 should at most be valued at $10 x 1P reserves.

So to grow the MC, we need the reserves to grow substantially with inclusion of Jurassic. But it is seriously capped. And if flow rates are sub par, anything under 500bopd is dissappointing for a $6.5mil well, then $10 is optimistic.

I dont think Block31 alone can make us rich. Possibly need to acquire new assets like they have mentioned in past. But that will result in more shares.

Doubling sp from this point is still a loss for many. It will be an uphill battle to break even.