Working out the time difference, it's now 7:30am in the UK, so the news has only just been released to AIM (at 7am). The UK markets will open at 8am.
This is excellent news - bang in line with JPR's expectations. I wouldn't get too concerned over future funding etc at this point. JPR is fully funded for J58; will have the new CPR in early 2013 which will hopefully push up 2Ps perhaps to well above 40mmbo recoverable (maybe to close to 50mmbo?); will have J51 & J53 moving to longer-term TPL production; and will have additional revenues from the test production from J55 and eventually this well also onto TPL. More cash will be needed at some point, but there'll be a significant stream from production revenues to assist with future OPEX / CAPEX.
JPR Price at posting:
57.5¢ Sentiment: ST Buy Disclosure: Held
