In this storyline, Jana contended with underwater threats. Here she has a Mer-Man under foot but an octopus-man-monster sneaking up behind her. Batista, the interior artist, also produced variant covers for this series; the 'official' covers were by series co-creator Frank Cho.
This tight pencil image is on thin 8"x12" whereas the published cover is 11"x14". Batista explained this image to me: 'This was a version my agent at the time asked me to do after the cover was published.' As you can see from the additional images, Batista amazingly captured every detail of the original on this smaller version.
The back side of the page contains part of a very preliminary layout, probably an abandoned concept for the same cover with the defeated Mer-Man and the jawbone spear. See additional images.