my post on performance benefits for directors, page-5

DJ, the terms of the Trial Production License (TPL) allow for a maximum of 3years sale into domestic market, at which point they will be granted a Production License and be permitted to export oil.

JPR state they "intend" to export before 3years and will update us later in the year. But the language used is fairly clear, it wont be this year. and if you know JPR then it is likely to go close to the maximum.

They made similar statements about ending the 90day max tests early too. It never happened.

And why would the Kazak government rubber stamp it when they are within their rights to force JPR to sell cheaply into domestic market.

Most these domestic oil brokers are just exporting it anyway. I'd love to know who is buying it and investigate if their is any connection to Waterfords.

Most people wrongly assumed that the TPL would allow export sales because JPR made statements saying it (TPL) was necisary for export sales. In hindsight, they were just vague. The TPL is just another step towards export sales.

More recently that became clear.

But it was only when we were actually granted the TPL that they actually stated the 3year duration.

The margin when selling domestically isn't enough to re-rate JPR. Not when the drills are on the expensive side for onshore drilling. The depth, time taken, cost, time taken to drill, time taken processing various licenses, etc.

600bopd is good. It's not great. Especially when all factors are taken into account. We need to produce quite a bit to justify current market cap. Then our growth prospects are capped by the planned placement.

2P reserves are excellent. But how viable is it getting it out? The big winner is the domestic oil brokers, which is why I'd be interested to know of any connections. And the government via taxes.