be warned, page-25

I read Jocam's historical data, and it confirms what I had begun to suspect.

This company has promised for too long, and has kept making investor presentations - seeking funds or buyers, instead of producing.

While their share price might be doing very well at present, (courtesy of another investor presentation that appears to trawl for a buyer) and some folk are benefitting from that - the price is being driven by hype rather than fundamentals.

For example, they have been drilling one hole (ASD3-17) for nine months. No hole can be drilled for nine months(see Oct 06 third quarter announcement through to May 24th Investor presentation). Oh, and they are confused whether the hole is actually ASD3-17, or 6-17, because some announcements mention one, and others mention the other.

The latest iteration of the promise is that "these 17 wells are expected to be brought onto full production within three to six months". Yes, the number of holes has increased, but three wells have been tied into production infrastructure since January this year - which begs the question, WHY don't they produce???????
Is it because production will allow the market to really evaluate their performance and potential??

I recommend that potential investors request the marion report from [email protected]