Jupiter Energy Limited holds a 100% interest in an exploration permit (Block 31) located in the Mangistau Basin in South West Kazakhstan. The permit currently covers an area of 123 km2 and is located on trend with three existing producing oil fields that have potential resource in excess of 56 million barrels of oil (mmbbls). The prospective permit is located within the Zhetybai-Uzen step, adjacent to the Akkar North and North West Zhetybai oilfields. Government records indicate that there has already been production of approximately 6 billion barrels of oil within this region. The Block has had 3D seismic shot over 235 km2 covering all of Block 31 and some surrounding acreage. The Company has completed seven wells on the permit (J-50, J-51, J-52, J-53, J-55, J-58 and J-59).
The J-50, J-51, J-52 and J-53 wells have received approval from the Kazakh authorities for their respective Trial Production Licences (TPL). TPL applications for the J-55, J-58 and J-59 wells will be made during 2H 2013. During the TPL period, all oil produced is sold into the domestic market.
Regular updates on the progress being made in country will be released via ASX announcements that can be accessed through the Newsroom link.
Reasons for Success
JPR believes it has the following key elements that will ensure it becomes a successful oil producer in one of the most prospective oil producing countries in the world:
- An experienced and well connected board and management.
- A proven local team with access to skilled Kazakh human resources/sevice companies.
- A strong cornerstone investor with a proven track record in assisting in the development of emerging exploration and production companies.
- 100% ownership of an excellent piece of acreage in the oil rich Mangistau Basin, SW Kazakhstan. A May 2011 independent review of the Triassic structure by Senergy Limited confirmed that the permit contained ~ 24 mmbbls 2P reserves, based on the results of the J-50 and J-52 wells. An updated independent reserves report is expected to be released late 1H/early 2H 2013 and this report will be based on the results of the J-50, J-51, J-52, J-53, J-55, J-58 and J-59 wells.
- All 7 wells drilled have discovered oil.
- Access to the export oil market through the nearby port city of Aktau - thereby giving the Company the opportunity to monetise oil discoveries at the best possible prices when in Full Production.