WangChung,Can't comment on th options as I've not really paid...

WangChung,

Can't comment on th options as I've not really paid attention to them.

As for oil sales they are all "domestic" at present, you are not allowed to export oil until you have a full production or export licence.

This is what Jupiter are working towards and are scheduling in for mid 2014.

Before that you need to have all the correct infrastructure in place etc before they will grant you a licence and have certified reserves etc etc.

Jupiter have an old style exploration permit, which are no longer issued in the country. You find oil, do a 3 month test, then apply for trial production which lasts for up to 3 years (domestic production), to give you the time to put in place the equipment needed to export oil and gain a full production permit of 25 years.

Domestic oil price is much lower, but taxes on it are less, it seems to be set by companies competing against each other to get the oil, thus a price is set by market forces. Jupiter have been getting a fairly good price I'd say, when they 1st started they only got $25 a barrel !!

The cash-flow and ability to sell production in advance and receive cash up-front, helps to fund well costs and pay for topside equipment needed for the full permit.

Hope that helps

LOTM