22 Jan 2010drilling progress report● Neutral
Report 3 on J-50: drilled to 1207m and 244mm casing run and cemented. The next step is drilling on toward the Middle Triassic target at about 2920m. No new results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Jan 2010resource reserve update▲ GoodMajor
Independent consultant Senergy puts Block 31 Triassic at 8.6 mmbbls 2P reserves (43% above JPR's 5.995 mmbbls figure) plus 12.2 mmbbls P50 prospective resource. JPR still estimates ~22 mmbbls of Jurassic prospective resource, which is not independently verified.
15 Jan 2010drilling progress report● Neutral
Report 2 on J-50: drilled to 1058m, with intermediate casing to be set before the Middle Triassic target at about 2920m. JPR holds 100%. No new results.
8 Jan 2010drilling progress report● Neutral
First weekly report on J-50 (SV Akkar): drilled to 409m with surface casing cemented, rigging up BOPs. The primary Middle Triassic target is at about 2800m, with a planned total depth of 3100-3300m. JPR holds 100%.
31 Dec 2009drilling spud▲ GoodMajor
SV Akkar, JPR's first new well on Block 31, spudded around 11pm on 29 December 2009, after final sign-off from Kazakh authorities. Weekly progress reports will follow.
23 Dec 2009director officer appointment● NeutralMajor
David Thorpe becomes Managing Director from 1 January 2010 on a three-year contract at A$32,000 a month. The board will seek approval for 15m performance rights tied to market cap or production milestones. SV Akkar spud has slipped due to weather and site access.
11 Dec 2009drilling scheduled● Neutral
Astra Star is mobilising the rig, and the SV Akkar spud is now set for about 22 December, slightly later due to a Kazakh holiday. The turnkey contract assumes a 34-day program to 3100m. Both wells are targeted for production testing in early 2Q 2010, about 1,000 bopd combined.
24 Nov 2009other● Neutral
Notice of an audio broadcast with Gander, Thorpe and Martens on the re-entry and reserves upgrade. No new information.
23 Nov 2009resource reserve update▲ GoodMajor
JPR's consultant lifts Block 31 potential recoverable oil by 50%, from 28 to about 42 mmbbls, after seeing more data (Triassic 20 mmbbls, Jurassic XIII 20 mmbbls). Astra Star Drilling wins the SV Akkar turnkey contract, with spud in about three weeks.
16 Nov 2009well test result▲ GoodMajor
NWZ 2 re-entry succeeded: oil samples recovered from the Jurassic XIII, with an expected rate of about 400-500 bopd in full production. Testing was limited by weather and surface equipment. SV Akkar is to spud mid December, and a 2010 well is approved on the largest structure.
2 Nov 2009drilling progress report● Neutral
Final weekly workover update: cement bond logs run, the plug confirmed, and perforation confirmed for 2916-2950m. The test method was agreed with AGR and Kezbi after several days' review. No flow results yet; the next announcement will give the well status.
28 Oct 2009annual report● Neutral
Cover letter saying the annual report is identical to the accounts lodged with ASX on 30 September 2009. No new information.
26 Oct 2009drilling progress report● Neutral
The rig reached the final plug at 3037m (earlier reported as 3046m), and a new cement plug was set over non-producing perforations. Perforation and production testing of the 2910-2950m Jurassic XIII zone are next, with a test of up to three months.
19 Oct 2009drilling progress report▲ Good
NWZ 2 clean-out passed cement plugs at 2412m and 2500m with casing integrity confirmed, running ahead of expectations. The SV Akkar turnkey tender is released, with a decision expected by mid November. AGR Group is engaged for NWZ 2 reservoir and testing work.
12 Oct 2009drilling progress report▲ Good
The Kezbi workover rig has entered NWZ 2, the 1969 Soviet well that logs showed as a discovery with 30m net sand in the Jurassic XIII. Completion is expected by end October, with weekly updates promised. SV Akkar tender responses are due shortly.
9 Oct 2009capital raising announcement● Neutral
JPR allots 92.5m shortfall shares from the rights issue plus 12.5m shares to Indian Ocean Capital as its management fee. Issued capital is now 736.2m shares, completing the rights issue. Director Svanbayev took up his full entitlement.
1 Oct 2009annual report● Neutral
2009 annual report. The chairman calls the past year difficult but says the company is at a pivotal point, with about $7.23m raised for the first new Block 31 well and NWZ 2 results expected late October or early November. The text is truncated, so financials are not available.
24 Sept 2009capital raising announcement▲ GoodMajor
The 1-for-1 rights issue at 2c closed oversubscribed once shortfall requests are counted, raising $7.237m. This resolves the funding gap for the Akkar North extension well, now named SV Akkar. The NWZ 2 re-entry is expected to finish in October.
16 Sept 2009other● Neutral
Notice of an audio broadcast with Geoff Gander, David Thorpe and Keith Martens on the drilling programs. No new information.
15 Sept 2009drilling progress report● Neutral
Site work has begun on the NWZ 2 re-entry, with drilling expected to start in late September using Kezbi's rig. JPR also engages PM Lucas to specify and tender the Akkar N extension well, with the specification due within a month.
4 Sept 2009contract award▲ GoodMajor
JPR signs a fixed-price turnkey contract with Kezbi for the NWZ 2 re-entry on Block 31. The work takes about 70 days, with results expected in November 2009. This follows the August government approvals.
2 Sept 2009investor presentation● Neutral
Good Oil Conference presentation repeats known Block 31 facts: NWZ 2 re-entry starting September (budget now A$700,000) and the $7.24m rights issue funding a new well in late 2009. No new results.
27 Aug 2009regulatory community update▲ GoodMajor
All government approvals needed to start the NWZ 2 re-entry are received, resolving that pending step. The ministry has also approved the work program for the Akkar North extension well planned for late 2009. Turnkey contract with Kezbi still to be signed.
27 Aug 2009capital raising announcement● Neutral
Letter to shareholders repeating the 1-for-1 offer at 2 cents (up to about $7.24m, $3m minimum). Full take-up would lift shares from 361.9m to about 736m, including up to 12.5m shares as the manager's fee. No new terms.
21 Aug 2009other● Neutral
Notice of an audio broadcast on the capital raising and operations with Geoff Gander and David Thorpe. No new information.
21 Aug 2009director officer appointment▲ Good
JPR hires David Thorpe, formerly of BHP Billiton Petroleum, as Operations Manager, plus two Kazakh staff, to run the NWZ 2 re-entry. It also confirms the $7.24m 1-for-1 rights issue at 2c will fund the Akkar N extension well, rather than a farm-in.
21 Aug 2009security holder rights change● Neutral
Letter to option holders: they cannot join the 1-for-1 2c offer unless they exercise their 8c options before the 3 September record date. Prospectus has a $3m minimum subscription; shares last closed at 4.5c.
21 Aug 2009capital raising announcement● NeutralMajor
JPR lodges a prospectus for a 1-for-1 non-renounceable entitlement issue at 2 cents per share to raise up to about $7.24m, managed by Indian Ocean Capital. It follows the 7.5c placement of May 2008; closes 23 September 2009. Funds target the Akkar N extension well.
29 July 2009admin correction● Neutral
Broadcast notice, plus a correction: cash at 30 June 2009 was $1.29m, not at 31 March as the quarterly report wrongly stated. Cash is thin against the planned drilling.
28 July 2009quarterly activities report▲ GoodMajor
June 2009 quarter: the Akkar N extension target is upgraded from 3 to 6 mmbbls recoverable, lifting Block 31 potential to over 28 mmbbls (JPR's estimate). NWZ 2 re-entry awaits government approval, with drilling expected late August. The Akkar N extension well is still unfunded.