It is interesting that the mc for the four brave companies in...

It is interesting that the mc for the four brave companies in PEP 11 off Newcastle is around $330M after today's huge leap of faith; and they only have seismic and the smell of gas that they have ascertained comes from seabed seepage and not from a passing whale.

Wow! Amazing what a few trading halts and prophetic estimates of zillions of cubic kilometers of gas can do for the share prices of these blue sky entities.

At least JPR is in a proven oily area and, no doubt a bit of fast money is being diverted from JPR into the PEP 11 players.

If you have a bit of spare time over this weekend, check out past JPR releases starting from the 3rd May 2007 where it has been the aim of Directors to acquire additional development areas.

At one stage they had the adjacent NWZ oilfield available to them and Macquarie bank had approved a $50M bank debt facility before the GFC to acquire the field. 15 July 2008 ASX release.

I reckon this strategy will be employed again for the AIM listing; we will possibly learn that the field is still available to JPR if the funds are there.

Unfortunately, JPR has a history of upbeat ASX releases that have not come true and that is holding the sp down as existing shareholders are rather skeptical; a new bunch of shareholders looks a pretty good option to me.

I wonder if the PEP 11 shareholders will be as disillusioned come February!