"Cash: $A6m (as at 15/03/2011)""Exploration wells: 1 and 2 at...

"Cash: $A6m (as at 15/03/2011)"

"Exploration wells: 1 and 2 at $US6m ea, wells 3, 4 and 5 at $US5m ea."

Its obvious we wont have enough money by the time we are granted a TPL and finally allowed to drill a step out well. Obviously we have an AIM listing on the agenda. We just need to hope the price is high and not too dilutive.

"Multiple is ~$US4/bbl compared to ASX average of $US23/bbl (Source: SCE)"

They probably should only compare JPR with Juniors like SSN or BCC or similar. To compare against all ASX oilers including the mature ones gives an unrealistic overview IMO. Obviously the Santos and similar will have higher valuation per bbl.


"J-52 well is cleaning up on a flow rate of 750 bopd (over double the stabilised rate of J-50)"

Short on cash and with only one more well planned for 2011, everything hinges on J52 now. Its a big gamble but im in.

Obviously J50 also flowed 750BPD during clean up, so it will be a real test to see what the stabilised flows are. Anything below 400bopd will be a sell IMO. With an AIM listing, we will get watered down too much.

Anything above 600bopd will see value added.

They have talked about new acquisitions for some time now, so I would imagine the AIM listing will be a massive raising and linked with an acquisition.