27 Apr 2010resource reserve update▲ GoodMajor
J-50 net pay was revised up 28% from 43m to 55m in a 120m column, confirmed by an independent third party. Casing is cemented; J-51 turnkey tender opened, with results around 17 June.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Apr 2010drilling progress report● Neutral
J-50 logging is done and production casing is being run. Initial flow rates are still expected by end of April.
20 Apr 2010capital raising announcement▲ GoodMajor
JPR raised A$6.5m by placing 100 million shares at 6.5c, largely with UK and Australian institutions, to bring forward J-51, NWZ 2 testing, infrastructure and new acreage. Initial logs show 43m of net pay in J-50 at a total depth of 3156m.
What it means for a shareholder
100m new shares at A$0.065 to raise about A$6.5m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (15,385 at the issue price), your slice goes from 0.00196% to 0.00174% of the company. To keep it you'd need 1,964 more shares - about A$128 at the issue price.
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20 Apr 2010other● Neutral
Notice of an audio broadcast with Geoff Gander on the 43m net pay and capital raising. No new information.
14 Apr 2010regulatory community update● Neutral
JPR plans to finish J-50 drilling by end of April, then production test, with a trial production licence hoped for July-August 2010. It has relinquished about 65 sq km of Block 31 deemed not prospective and is seeking new acreage.
9 Apr 2010drilling progress report▲ Good
Coring finished with 54.3m of core recovered; 120m of Middle Triassic reservoir intersected as prognosed. J-50 at 3059m drilling to about 3250m total depth.
6 Apr 2010drilling progress report▲ Good
J-50 at 3030m with 91m of reservoir intersected and hydrocarbon shows in all cores. JPR expects initial flow rates in April, then a 90-day production test.
1 Apr 2010drilling progress report▲ Good
J-50 at 3012m with third core cut; 73m of Middle Triassic reservoir intersected. Next update due 6 April after the Easter break.
29 Mar 2010drilling progress report▲ Good
Second core cut with full recovery and hydrocarbon shows; J-50 drilling at 2990m. 53m of Middle Triassic reservoir now intersected.
29 Mar 2010investor presentation● Neutral
Corporate presentation for 29-31 March repeats known facts: Senergy's Triassic 8.6 mmbbls 2P and 12.2 mmbbls prospective, JPR's 22.2 mmbbls Jurassic view, and a target of commercial J-50 production in Q3 2010.
26 Mar 2010drilling progress report▲ Good
First of the planned 9m cores from J-50's Middle Triassic (2957-2966.5m) was fully recovered with mobile oil and gas seen. 27.5m of the expected 120m reservoir has been intersected; the well is 100% JPR.
25 Mar 2010other● Neutral
Notice of an audio broadcast with David Thorpe and Keith Martens on the J-50 oil discovery. No new information.
24 Mar 2010other● Neutral
Kazakhstan-based Visor Capital has begun research coverage of JPR. The 24-page report is available to its clients only. No new company information.
23 Mar 2010drilling result▲ GoodMajor
J-50 hit the Middle Triassic reservoir at 2939m, with 18m of oil shows, confirming an oil discovery in the primary target. JPR calls it a pivotal step from explorer to producer; the top came in about 19m low to the published top.
23 Mar 2010other● Neutral
Pursuit Capital has begun research coverage of JPR and released its first report. No new company information.
17 Mar 2010drilling progress report● Neutral
J-50 at 2872m while the bit is changed. The Middle Triassic primary target is still expected this week, with 5m to be drilled, then coring.
16 Mar 2010half year report● Neutral
Half-year report to 31 Dec 2009 reviews the NWZ 2 re-entry (expected 400-500 bopd) and J-50 spud, and confirms David Thorpe as Managing Director from 1 Jan 2010. Financial figures are not in the text provided.
16 Mar 2010drilling progress report▲ Good
J-50 reached 2867m. A 6m sandstone at 2855-2861m has good oil shows, and the Triassic A- marker came in 8m high to prognosis. The Middle Triassic primary target is still expected this week.
15 Mar 2010drilling progress report▲ Good
J-50 reached 2845m with more oil shows at 2798-2817m. The Middle Triassic target is expected this week, followed by at least two weeks of coring and logging. Updates may become daily.
12 Mar 2010drilling result▲ Good
Logs from 1200-2778m show a potential oil zone at 2705-2719m in the Jurassic XI, 14m gross (about 12m net). JPR calls it encouraging, ahead of full evaluation after reaching total depth. This is an interim result.
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.
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.
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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.
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.