16 Sept 2009other● Neutral
Notice of an audio broadcast with Geoff Gander, David Thorpe and Keith Martens on the drilling programs. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
30 Jan 2009quarterly activities report● Neutral
December 2008 quarter: 3D processing by PGS is on schedule, with final interpretation due March 2009 and drilling by June 2009. Repeats that NWZ is not feasible. Reports good progress on potential alliances for Block 31.
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 2008quarterly activities report● Neutral
September 2008 quarter: 3D seismic started on Block 31 and the extension was approved, with a 22 mmbbl potential estimate. Drilling expected before June 2009. Mostly repeats announcements already made.
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.
29 July 2008quarterly activities report● Neutral
June 2008 quarter: recaps the $7.6m raise at 7.5c, Block 31 completion on 25 June, Block 32 consulting deal and the 30 June NW Zhetybai MoU. Nothing new beyond known events.
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.