i missed the obvious

I think the company are downplaying NWZ-2. At the presentation in Brisbane, there was no mention that NWZ-2 had flowed on test at 400 bopd unless I had fallen asleep and missed it! Fredster? What do you remember?

The unassisted NWZ-2 flow in 1969 was 17 bopd. The Soviets then plugged and abandoned it. The 1696 crude oil price was only $3.32 per barrel. Inflation adjusted was still only $19.62 per barrel in today's dollars. That would explain why they cemented it in. $333.54 gross daily revenue wouldn't cut the mustard would it?

http://www.inflationdata.com/inflation/Inflation_Rate/Historical_Oil_Prices_Table.asp

I must confess I did miss that flow rate in the presentation from last year. The fact that NWZ-2 flowed unassisted in 1969 and has now flowed with modern techniques at 400 bopd in 2009 is extremely bullish. It's now suspended awaiting the three month trial production period and David did mention there is high wellhead pressure. JPR is in fact a guaranteed producer from at least one well (NWZ-2) and in my opinion Block 31 is de-risked to some extent already. 400 bopd @ US$35 per barrel net to JPR is $5M profit per year just from NWZ-2. J50 will be the cream if it flows.