31 Mar 2011security holder rights change● Neutral
Voluntary escrow has ended on 7,718,695 shares issued in October 2010, so they can now be traded. Administrative notice only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2011flow test result▲ GoodMajor
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.
15 Mar 2011other● Neutral
Notice that a Southern Cross Equities research report dated 3 March 2011 is now on the company website. No new company information.
15 Mar 2011half year report● Neutral
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.
23 Feb 2011investor presentation● Neutral
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.
4 Jan 2011drilling result▲ GoodMajor
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.
4 Jan 2011other● Neutral
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.
29 Dec 2010drilling progress report● Neutral
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.
22 Dec 2010drilling progress report● Neutral
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.
17 Dec 2010drilling progress report● Neutral
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.
18 Nov 2010drilling progress report● Neutral
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.
4 Nov 2010drilling spud● NeutralMajor
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.
15 Oct 2010annual report● Neutral
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.
6 Oct 2010drilling scheduled● NeutralMajor
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.
5 Oct 2010director officer appointment▲ GoodMajor
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.
30 Sept 2010annual report● Neutral
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.
19 Aug 2010other● Neutral
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.
18 Aug 2010capital raising announcement● Neutral
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.
17 Aug 2010other● Neutral
Notice of an audio broadcast with Geoff Gander and David Thorpe introducing the new cornerstone investor. No new information.
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.
15 July 2010other● Neutral
Notice of an audio broadcast with David Thorpe on the independent resource upgrade. No new information.
13 July 2010resource reserve update▲ GoodMajor
An independent review by Reservoir Evaluation Services added 37 mmbo of Triassic P50 resource north of J-50. Block 31 Triassic and Jurassic now total ~80 mmbo, up from 43 mmbo. JPR is in talks with parties about investing in development; J-50 is producing 360 bopd.
5 July 2010other● Neutral
Westhouse Securities has started research coverage of JPR, with an 11-page report available to its clients. No new company information.
25 June 2010other● Neutral
Notice of an audio broadcast with MMD David Thorpe titled 'Jupiter Hits Commercial Oil Production'. No new information.
23 June 2010other● Neutral
Patersons Securities has started research coverage of JPR and released its first note. No new company information is given.
23 June 2010production update▲ GoodMajor
After re-completion and an acid clean-up, J-50 is on its long-term production test at stable ~435 bopd, with peaks above 600 bopd. Sales continue domestically; the test runs to early September, and the Trial Production Licence documents are being prepared. NWZ 2 is being brought onto test.
18 May 2010material agreement● NeutralMajor
JPR settled the US$1.975m still owed to Biscra (Block 31 extension advisory fee) with 28.29m shares at 6.5c plus US$320,000 cash. Only A$4.65m of the A$6.5m placement was raised (71.6m shares); JPR says the settlement leaves it in the same position as a full raise.
10 May 2010well test result● Neutral
JPR says the 220 bopd rate was under restricted flow during clean-up and is not the expected long-term rate. Stimulation is planned and a sustainable rate will be announced later.
7 May 2010production update▲ GoodMajor
JPR made its first commercial oil sale, 183 barrels from J-50, which is flowing 220 bopd on a 10mm choke. The company says it has moved from explorer to producer; sales are into the domestic market.
4 May 2010flow test result▲ GoodMajor
J-50 was perforated over 120m and flowed oil to surface during clean-up at an initial rate of about 750 bpd. JPR says the data is limited, with stable rates expected later in the week before a 90-day production test.