Project News
Block 31
Jupiter Energy Limited owns 100% an exploration permit (Block 31) located in the Mangistau Basin in South West Kazakhstan. The permit covers an of 65 sq km and is located on trend with three existing producing oil fields that have potential reserves in excess of 21-56 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 shooting of 3D seismic on the western section of the permit was completed in early 2009 and the Company has recently completed its first new well on the permit (J-50). J-50 is now on production testing until September 2010. The Company is currently preparing an application for a Trial Production licence for J-50. Funding for the drilling of J-51 (2010 commitment well) and J-52 (2011 commitment well) is now in place and regular updates on the progress being made with the J-50, 51 and 52 wells 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 an oil producer during 2010 in one of the most prospective oil producing countries in the world:
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An experienced and well connected board and management.
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A proven local team with access to skilled Kazakh human resources/companies.
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A strong cornerstone investor with a proven track record in assisting in the development of emerging E&P companies
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100% ownership of an excellent piece of acreage in the oil rich Mangistau Basin, SW Kazakhstan. Independent reviews confirm the Triassic structure contains ~ 60 mmbbls recoverable reserves/resource. Internal estimates of the Jurrasic are of an addiitonal recoverable resource of ~ 20 mmbbls. Total reserve/resource is ~80 mmbbls recoverable.
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A commercial discovery with its first new well (J-50) and secured funding for its J-51 and J-52 wells
- Access to the export oil market through the nearby port city of Aktau - thereby allowing the Company to monetise oil discoveries at the best possible prices.