Mljet is correct. JPR has a valuable resource. Fluffy is also...

Mljet is correct. JPR has a valuable resource.

Fluffy is also correct in that this company will be out of cash very quickly (I note also that it will take time to stimulate J50 thus adding to the near term cash drain).

A dark horse is how much NPWZ2 will flow at a continiuous/ongoing rate. Somewhere between 90 and 500 bopd IMHO. I have no idea and nor does anyone else.

Yeah . . . the lottery of the first few flow numbers will determine the extent of the upcoming dilution. A serious dilution is I think priced in. UK instos will most certainly ride to the rescue if given a sufficiently high discount.

I continue to hold because the company still offers a lot of hydrocarbon for the dollar.

The price correction is in truth now history, we have to live with it and consider whether the stock equates to value at its current price. If insto selling stops AND if NPWZ2 is a gusher (I don't believe it was ever envisaged to be so) then there may be a SP recovery in the near term but pigs may also fly.

Longer term, I remain very positive about Block 31 and the availability of relatively low risk targets in it.

My unlicenced advice to small players at this end of the O&G market is stay diversified and keep your eye on where POO may go over the next few years.

cheers