12 Mar 2010drilling progress report▼ Bad
J-50 reached 2778m. A mud pump failure cost about 48 hours, and JPR took the chance to run logs. Chairman Gander acknowledges shareholder frustration at the delay. A general meeting is set for 9 April 2010.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Mar 2010drilling result● Neutral
J-50 found oil in the top 3m of the Jurassic XI sandstone at 2707m. JPR thinks a 3m interval is uneconomic unless it can be enlarged with further drilling. The Middle Triassic target at 2920m is still to come.
5 Mar 2010drilling progress report● Neutral
J-50 at 2672m, at the top of the Jurassic sandstones with no oil shows, as expected. The Middle Triassic, forecast about 120m thick and fully oil saturated, is expected within 4-5 days, then coring.
26 Feb 2010drilling progress report● Neutral
J-50 at 2470m. Drilling efficiency improved but metres drilled were below plan, with high winds hampering pipe handling. Weak oil shows were seen in the Jurassic.
19 Feb 2010drilling progress report● Neutral
J-50 reached 2245m after debris was recovered and drilling improved. Target remains the Middle Triassic at about 2920m.
12 Feb 2010drilling progress report▼ Bad
J-50 at 1770m. Two of three cones were lost from the drill bit and several fishing runs recovered most of the debris. Drilling remains slow; weak hydrocarbon shows were noted in the Jurassic.
11 Feb 2010capital raising announcement● NeutralMajor
JPR raised A$2.25m by placing 50 million shares at 4.5c, mainly with UK institutions. Directors may take up to 3m shares, subject to shareholder approval in March. The board says this is enough to bring NWZ 2 and J-50 into trial production.
What it means for a shareholder
50.0m new shares at A$0.045 to raise about A$2.3m. That's 6.4% dilution: every existing holder's slice gets 6.4% smaller. If you held A$1,000 of shares (22,222 at the issue price), your slice goes from 0.00302% to 0.00283% of the company. To keep it you'd need 1,509 more shares - about A$68 at the issue price.
Create a free account to see this worked out for your own holding.
11 Feb 2010other● Neutral
Notice of an audio broadcast with Geoff Gander on the UK institutional placement. No new information.
5 Feb 2010drilling progress report▼ Bad
J-50 reached 1686m, but JPR says drilling performance has been well below expectations after hole deviation and heavy snow. It says the fixed-price turnkey contract limits the immediate financial impact. The J-51 well is planned for early 2H 2010.
1 Feb 2010quarterly activities report● Neutral
December 2009 quarter: NWZ 2 is suspended and J-50 is at 1551m. Production testing of both wells is expected from March 2010, trial production and export sales are budgeted from July 2010, and the J-51 well is planned for 2H 2010. Senergy's review is restated.
29 Jan 2010drilling progress report● Neutral
Report 4 on J-50: drilling at 1551m. Proposed total depth is now stated as 3200-3300m (previously 3100-3300m). Coring of the Triassic target is planned.
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.
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 2009quarterly activities report▲ Good
September 2009 quarter: the $7.237m raising is complete, NWZ 2 is on schedule, and the SV Akkar turnkey decision is due mid November with spud expected in December. Oil sales from NWZ 2 are probably 2Q 2010. Due diligence is under way on two new opportunities.
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.