Past year: ▼ 50%(1.50c – 3.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 May 2009drilling scheduled▲ GoodMajor
JPR plans to re-enter the old Soviet NWZ 2 well on Block 31 (about US$500,000, said to be fully funded), with a rig by mid-August 2009 and oil expected by November, targeting about 200 bopd. A new Akkar N extension well is planned from Q4 2009, with funding or farm-in still open.
27 May 2009other● Neutral
Notice of an audio broadcast with Geoff Gander on expected 2009 oil production. No new information.
29 Apr 2009quarterly activities report▲ GoodMajor
March 2009 quarter: 3D results show 4 key Block 31 targets with about 25 mmbbls recoverable potential (JPR's estimate), and over US$450m netback at US$50 oil. JPR is in talks with farm-in partners and the Biscra fee settlement, to fund a 2009 appraisal well.
16 Mar 2009half year report● Neutral
Half-year report to 31 December 2008. Repeats that Dank SIF finished the Block 31 3D seismic (194 sq km shot, about 95 sq km full fold) and that the NWZ purchase was dropped. Appraisal well plus a strategic alliance still planned for 2009. Financial figures not visible in the text provided.
5 Dec 2008other▼ BadMajor
JPR concedes the NWZ purchase is 'just not feasible' with debt and equity markets so hard to access, ending that thread. 3D shooting on Block 31 is finished. JPR is in talks on a third-party farm-in to fund the first well and on settling the Biscra fee.
27 Nov 2008investor presentation● Neutral
AGM presentation repeats known facts: Block 31 3D seismic is finished and being processed, with drilling planned in 2009. Includes a model assuming US$60 oil and 2,000 bbl/d by 2011. No NWZ update.
31 Oct 2008asset acquisition disposition▲ GoodMajor
Government approval received for the 25 sq km Block 31 extension (Block 32), resolving the pending application. JPR estimates 22 mmbbls of potential oil across the extended permit (JPR's own estimate); 3D seismic will cover it, with a discovery well targeted before June 2009.
31 Oct 2008annual report● Neutral
Re-release of the 2008 annual report to shareholders. Chairman's letter repeats the Block 31 completion, 3D seismic under way and the NWZ plan. No new information beyond the 30 September release.
30 Sept 2008annual report▼ BadMajor
2008 annual report released. Macquarie and JPR cancelled the exclusive NWZ funding mandate on 26 September after Macquarie reviewed its involvement; the equity meeting is set for 24 October. Ole Udsen's contract will not be renewed and his options are cancelled.
22 Sept 2008contract award▲ GoodMajor
JPR contracts Dank SIF to shoot 194 sq km of 3D seismic over western Block 31, costing about US$2m (US$1m already paid) from existing cash. Recording to finish by end-December; drilling recommendations due by March 2009. Follows the June 2008 Block 31 settlement.
11 Sept 2008admin correction● Neutral
Administrative notice: registered office moves to Unit 9, 38 Colin Street, West Perth, with new postal, phone and fax details. No substance for shareholders.
1 Sept 2008material agreement● NeutralMajor
NWZ terms renegotiated again: US$17m fixed (US$12m on completion, US$5m two months later), then US$5 per barrel of proven reserves, capped at 12 mmbbls (max US$60m). Nothing more is owed if proven reserves are under 4.5 mmbbls. Notice of Meeting to follow.
12 Aug 2008material agreement● NeutralMajor
Revised MoU lets JPR buy 100% of North West Zhetybai, up from 50%, via its Singapore subsidiary. Price is capped at US$50m, with US$28m up front and the rest set by proven reserves. Still needs due diligence, shareholder approval and the debt/equity funding.
15 July 2008debt financing▲ GoodMajor
Indicative terms signed with Macquarie Bank for up to A$50m of debt to help fund the NW Zhetybai purchase: A$12m initially, A$8m more after the work program, and A$30m for development or acquisitions. Subject to due diligence and the A$20m equity raising.
4 July 2008investor presentation● Neutral
Roadshow begins to raise A$40m for the NW Zhetybai purchase, expected as roughly half debt and half equity (about 182m shares at 11c). Meeting to vote on the deal planned for end of August. Presentation repeats known facts.
30 June 2008asset acquisition disposition▲ GoodMajor
MoU to buy 50% of the North West Zhetybai oil field for US$26m, with partner SIF Verniy Activ, targeting 4,000 barrels a day by end-2009. Needs US$32m raised, due diligence and shareholder approval. Follows the earlier oil-field MoU; 3P reserves put at 36m barrels.
25 June 2008asset acquisition disposition▲ GoodMajor
Block 31 settled: JPR now owns 100% of the 100+ sq km Mangistau Basin permit, resolving the delayed purchase begun in 2007. Fully funded 3D seismic starts shortly, with drilling expected in Q1 2009. Block 32 application is progressing.
13 June 2008security holder rights change● Neutral
Incentive options agreed for Ole Udsen, Keith Martens and Sergey Sinitsin: 10m each, 8c exercise, expiring 30 June 2011, vesting 25% after 12 months and 75% after 24. First 15m issued under the 15% placement capacity, no shareholder vote needed.
19 May 2008capital raising announcement▲ GoodMajor
Book build completed for a $7.6m placement of 100m shares at 7.5c plus 100m listed options at 0.1c, led by Indian Ocean Capital. Subject to shareholder approval on 21 May; funds the Block 31 acquisition, meeting the A$6m condition.
12 May 2008director officer appointment▲ Good
Ole Udsen, former COO of Max Petroleum, joins as Kazakhstan Country Manager; Sergey Sinitsin joins for business development. Roadshow begins for the capital raising to be voted on at the 21 May meeting. Presentation attached; term sheets for two acquisitions expected in May.
30 Apr 2008quarterly activities report● NeutralMajor
March 2008 quarter: repeats the Block 31 addendum (settle by 30 June, A$6m raise needed) and Block 32 deal. JPR has told Lakes Oil it will not continue in PEP 163, forfeiting its 50% Otway Basin interest, ending that thread. Aims to close an oil-field deal by September.
17 Apr 2008other● Neutral
Administrative notice: JPR has moved to new Perth offices at Exchange Plaza, with new phone and postal details. No substance for shareholders.
11 Apr 2008material agreement● NeutralMajor
Agreement with Zher Munai and Biskra to seek about 25 sq km extra acreage (Block 32) between Block 31 and the NW Zhetybai field. If granted, JPR pays Biskra US$3.5m. Term up to 270 days from Block 31 settlement.
26 Mar 2008material agreement▼ BadMajor
Block 31 deal reworked: an addendum gives JPR until 30 June 2008 to settle, conditional on raising at least A$6m of new equity. JPR pays late penalties (max about US$276k). If it fails, the US$500k deposit is lost. Contradicts the December 'completed' report.
17 Dec 2007farm in farm out completion▲ GoodMajor
First Kazakhstan acquisition, Block 31, completed after shareholder approval and the KazMunaiGas waiver. A non-binding MoU is signed for a significant interest in an existing oil field, completion expected within two months. 3D seismic to start early 2008; management sees potential for 20m barrels.
23 Oct 2007annual report● Neutral
Glossy version of the 2007 annual report, with the same chairman's letter as the 28 September statutory accounts. Repeats the move from biodiesel to Kazakhstan and the July board changes. No new information.
8 Oct 2007asset acquisition disposition▲ GoodMajor
Binding sale agreement signed for the Mangistau Basin permit (Block 31) with vendor Zher Munai & K, LLP: 16m shares plus US$6m cash. Needs government waiver and shareholder approval at the 15 November AGM; deposit refundable if not completed in 3 months. Seismic planned, drilling likely Q2 2008.
28 Sept 2007annual report● Neutral
Annual report for the year to 30 June 2007. Chairman describes a year of two halves: the failed biodiesel effort, then the Kazakhstan pivot, with the share price moving from 4c to a high of 35c. Retells known events.
23 July 2007other● Neutral
RM Capital has started research coverage of Jupiter and its initial report is on the company website. No new company information about assets or finances.
9 July 2007director officer appointment● NeutralMajor
Andrew Childs joins as non-executive director. Chairman Eddie Smith and director David Quinlivan resign, both on board since early 2005. Geoff Gander becomes Executive Chairman; the board is now Gander, Childs and Erkin Svanbayev (Almaty-based).
