Each one in plain English, with the numbers worked through for a shareholder.
30 May 2011capital raising announcement▲ GoodMajor
The placement closed: 226.5m shares at 4.9c raised about A$11.1m before roughly A$282,000 of costs. J-52 Triassic flow testing is nearly complete, and Z-sand (now confirmed Lower Jurassic) testing is expected in June.
What it means for a shareholder
227m new shares at A$0.049 to raise about A$11.1m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (20,408 at the issue price), your slice goes from 0.00135% to 0.00117% of the company. To keep it you'd need 3,058 more shares - about A$150 at the issue price.
18 May 2011capital raising announcement● NeutralMajor
Jupiter plans to raise up to A$11.1m by placing up to 226.5m shares at 4.9c to institutions, equal to the prior close. Waterford rises to 29.77%. Funds are for the Block 31 programme, including 3 new wells.
What it means for a shareholder
227m new shares at A$0.049 to raise about A$11.1m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (20,408 at the issue price), your slice goes from 0.00135% to 0.00117% of the company. To keep it you'd need 3,058 more shares - about A$150 at the issue price.
March quarter report: J-52 stabilised at 516 to 849 bopd, well above J-50. Senergy's 24.2 mmbbl 2P is repeated. A 2011 commitment well is expected to spud in Q3. The Block 31 extension update is due in May.
J-50's Trial Production Licence is held up: the State Reserves Committee wants a joint production plan, possibly unitisation, with neighbouring Akkar North owner MMG, with no timeline. J-52's reserves report is due Q2 2011 and is not expected to be affected.
UK CREST members can now hold JPR shares as depository interests issued by Computershare, without stamp duty reserve tax. Administrative step that supports the planned UK investor base; no change to the shares themselves.
Senergy's independent review lifts Block 31 Middle Triassic 2P reserves from 8.6 to 24.2 million barrels, after the J-50 and J-52 results, with a 9.9 million barrel prospective resource in the south east. Z-sand testing is expected in Q3 2011.
After acid stimulation, J-52 is cleaning up at 750 bopd from the mid-Triassic and starting a 90-day test. Oil is sold to two local traders at about US$31 per barrel, above J-50's ~US$22.50. It points to better flow rates than J-50.
Half-year to 31 December 2010: loss of A$3.25m, cash A$8.97m and equity A$33.1m. Managing Director David Thorpe resigned 31 January 2011, and Scott Mison joined the board as an executive director.
UK investor presentation repeating known facts: ~1,500m shares, A$9m cash at 31 December 2010, no debt, and Waterford at 27%. It sets a target of 5,000 bopd by Q4 2014 and mentions a planned 2011 AIM dual listing.
December quarter report: J-52 finished on time and within budget, with two oil-bearing intervals. Testing is due in February 2011. Senergy is engaged for a new reserves review, Henry Wolski joined as Senior Vice President in Aktau, and J-50 licence and Block 31 extension applications are pending.
J-52 logs indicate oil in two zones: about 60m net pay in the Mid Triassic (same reservoir that flowed in J-50) and about 5m in the Z Sand. Both cores contained movable oil. Production testing is planned from late January 2011.
Lodgement of the company's securities trading policy, which sets insider trading rules and blackout periods for directors and staff. It carries no news on operations or finances.
J-52 reached total depth of 3152m on 27 December, 54 days after spud. A further core was cut and shows were seen to 3096m. Wireline logs are running; the well will be cased and suspended if results look potentially economic.
J-52 is at 2992m with hydrocarbon shows and gas peaks in sandstones below 2849m. A 9m core from 2855-2864m was fully recovered with shows along its length. Drilling continues toward about 3100m, then logging.
J-52 has reached 2855m after 43 days, with hydrocarbon shows in the 8.5-inch section and formation tops close to prognosis. A core is being cut before drilling toward the Middle Triassic. No test result yet.
J-52 is at 857m and on schedule. NWZ-2 work is suspended until J-52 evaluates the Jurassic zone, delaying NWZ-2 production from the November expectation. New Aktau hires include a Chief Geologist, Chief Financial Manager and Head of Contracts and Legal.
J-52, the 2010 commitment well southeast of the J-50 discovery, has spudded in Block 31. It targets Jurassic and Middle Triassic reservoirs to about 3200m and should take ~70 days. A workover rig will flow test it if successful.
September quarter report: the A$16.67m raising is complete, Waterford holds ~27%, and funding covers the 2010 and 2011 commitment wells and NWZ 2 testing. J-50's licence application is in progress and J-52 is due to spud by early November.
Re-lodged 2010 annual report (a copy was already released 30 September). The chairman says the company moved from explorer to producer with J-50 and that Block 31 holds ~80 mmbo recoverable. The A$16.67m raising at 2.7c with Waterford funds J-51 and J-52.
J-50's three-month test ended 31 August and the well is shut in pending a Trial Production Licence, which will take months. J-51 is postponed, so exploration well J-52 is now the 2010 commitment well, awarded to FracJet and due to spud early November. NWZ 2 test production is expected in November.
The A$16.67m raising completed. The rights issue had ~58% acceptance, and Waterford took the shortfall to hold ~27%. Alastair Beardsall and Baltabek Kuandykov join the board; Andrew Childs and Erkin Svanbayev resign. The Almaty office closes by 30 November, consolidating into Aktau; AGM is 15 November.
Annual report for the year to 30 June 2010. The chairman describes the move from explorer to producer with J-50 and ~80 mmbo of resources. The A$16.67m raising with Waterford will fund J-51 and J-52; Waterford's two directors are due in October.
Cover letter to shareholders for the rights issue (1-for-3 at 2.7c, up to about A$9.17m), repeating the timetable. It is open only to Australian and New Zealand holders; no new information.
Prospectus lodged for the 1-for-3 non-renounceable rights issue at 2.7c, raising up to about A$9.17m and fully underwritten by Waterford Petroleum. The offer closes 22 September 2010. It formalises the August raising already announced.
13 Aug 2010capital raising announcement● NeutralMajor
JPR plans to raise A$16.67m at 2.7c, well below April's 6.5c. This covers a A$3.59m placement giving Waterford 13%, A$3.91m of loans convertible into 144.8m shares, and a A$9.17m 1-for-3 rights issue underwritten by Waterford. Funds drill J-51 and J-52; Waterford may nominate two directors.
June quarter report: J-50 produced 350-435 bopd, sold domestically at about US$22.50/bbl. J-51 tender pricing led to deferral, so its spud moved from July to September 2010. NWZ 2 needs a pump in August; trial production licence applications are being prepared.
