Jupiter’s Block 31 shown on Figure 1 is amongst the producing fields of the basin. The first 5 wells drilled in the block have all discovered oil. NWZ 2 was drilled by the Soviets in 1969 and Jupiter has drilled the J-50 (2009), J-52 (2010), J-51 (2011) and J-53 (2012) wells since taking ownership of the permit in 2008. The first of the Company's two 2012 Commitment Wells (J-53) has been cased and completed and flow test results should be available during 2Q 2012. The 2nd 2012 Commitment well (J-55) will be drilled in 2H 2012. A further well will also be drilled in 2H 2012 (J-56) and both J-55 and J-56 are expected to be located in the new extension area to the south of the already discovered Akkar East field. The Akkar East field has been delineated by the J-50, J-51, J-52 and J-53 wells (see Fig 4 below).
Independently verified reserves have, to date, been encountered in the Mid Triassic Carbonates. A copy of the May 2011 Competent Persons Report (CPR) based on the results of the J-50 and J-52 wells can be found under Disclosure Documents. The next CPR is expected to be completed after the drilling of the 2 exploration wells scheduled for 2H 2012.
Fig 4 – Mid Triassic Northeast Akkar Oil Field
J-50 and J-52 penetrated a 100-120m Mid Triassic Carbonate section which was wholely oil saturated. J-51 penetrated a 160m section. Core, wireline logs and flow testing suggests about half the section is productive in all wells. To date the zone has been flow tested from all three wells at rates of 350-750 bopd on 8mm choke with negligible water. The field is mapped to extend over an area of ~14 sq km.
Fig 5 – Mid Triassic Northeast Akkar Oil Field with line of section
Fig 6 – J-50 Dip Section
J-52 encountered the Lower Jurassic which flowed oil in NWZ#2 in an updip position. This 25m sand was oil saturated on logs and core but when flow tested it was shown that it may not be viable for commercial production. It is expected that there will be further testing of this reservoir during future drilling programs.
Fig 7 – NWZ#2 to J-52 Dip Section