mrbluFirst off I don't have the answer to who is buying but JPR...

mrblu

First off I don't have the answer to who is buying but JPR have stated that their focus, begining with Waterford's, was to expose more European investors/instos to their story. It is of course easy these days for an investor anywhere to buy on the ASX. It is logical to me that new, likely European, investors are taking a medium to long term position with a view that the stock will get rerated when the field starts to produce. As short term or unhappy investors sell, the stock gets tigher and the price goes up.

But on the oil price, the situation has been made clear many times. JPR has a license which stipulates 80% of the oil can be sold at world price directly to the market (nearby Aktau port is the most commonly stated spot). The other 20% is reserved for local refineries (on a month by month basis) but the other opporators in the area average about 5% a year on domestic sales. The domestic price is state stipulated and less than world price.