well well well, page-27

I hold stock in both ITC and JPR and maybe the following will help (please do not take any of this as a recommendation or even a value comparison between them as I value both). All data quoted below is public and mostly from company releases.

It is very hard to compare the two companies (besides the problem of different fiscal/political regimes) since the geological/petroleum setting and history is so different.

Cooper/Eromanga - explored continuously by a variety of operators after the Santos/Delhi monopoly was broken in the 90s. 141 mmbls of oil have been produced in the South Australian portion since 1983 (very little before then). New discoveries are modest and a new field over a million barrels is rare. (Note I believe VPE/ITCs potential is better than this but it looks like the market does not).

Mangistau Basin of Kazakhstan (very similar in size to the total Cooper/Eromanga with geology simalar to the Rankin trend in NW WA) - total production is 6000 mmbls (6 billion) which equates to the total produced plus proved and probable in all of Australia.
The basin has been, until Kazak independence, only explored by the Soviets who had a field size cutoff of 50-100 mmbls and a lot of amazing geology to explore. JPR maintains that there are 27 mmbls of potential on their permit largely proved up by Soviet drilling.

So one explorer has chosen a well known basin with modest targets but with little (or at least well understood) sovern risk while the other is looking for potential possibly 10-20 times bigger but with more political unknowns.