Revenue increased 18 folds to US$49.7m in 2Q09

Secured financing facility amounting to US$290m. NMOG had secured a US$290m term loan, made up of two tranches, to refinance its existing bank loan and to fund the remaining costs in the upgrading of Neptune Explorer. Under the terms of the Agreement, Tranche A, secured by a mortgage on Neptune Discoverer, of the facility amounting to US$120m, had
been drawn in Oct 08 and will be repaid over a 4 year period ending 10 June 2012.

Maintain BUY recommendation with 12 - 18 month target price of S$0.30 WestComb continue to value Jasper at S$0.30 using DCF valuation methodology with WACC raised to 10.3% (previously 8.3%), factoring a higher risk premium for a more uncertain economic outlook, and a conservative terminal growth rate of 1%. With an upside potential of 46%, westComb maintain BUY recommendation.