Pssst johnno8. With JPR 2P reserves independently assessed at...

Pssst johnno8.

With JPR 2P reserves independently assessed at 8.6 mmbbls and using conservative NPV/BOE of US$10 totaling US$86M and cash flow from sales I do not think a temporary shortfall of a $million or so will prevent J51 (and/or J52) going ahead without getting a tad more from investors.

Cash flow alone should be sufficient, without borrowings, to fund both wells if we get to the predicted 1,100 bopd for FY2011 according to the financials in the Pursuit Capital JPR March Report (P9).

http://www.jupiterenergy.com.au/files/news/Pursuit_Jupiter_CORP_230310%28FINAL%29.pdf

I feel a bit for oppie holders that are likely to miss out but I'm happy to see less dilution of my shares.

At least we do not have to be concerned about a 10 - 15% probability of success (85 - 90% chance of loss) that other oilers postulate about - we have 100% SUCCESS in 2 holes and confirmation of bopd in the next few days...I wish a couple of my other junior oiler gambles were in the same position without having to wait for drill bit success.

Still! we're only in this game for entertainment according to Black Swan writer Nassim Nicholas Taleb...er...are'nt we?