Project News
Block 31
Jupiter Energy Limited has already completed the purchase of an exploration permit (Block 31) also located in the Mangistau Basin in South West Kazakhstan. The permit covers area in excess of 125 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, next to North West Zhetybai. 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 has now commenced and it is expected that this work will be completed and the results processed and interpreted by February 2009, with recommendations to the JPR Board by the end of 1Q 2009 with respect to the best drilling targets on the permit.
Reasons for Success
JPR has recruited Kazakh Director Erkin Svanbayev, who has set up JPR’s office in Almaty and is an experienced oil trader, currently exporting over 1m barrels of oil from Kazakhstan each month. JPR believes it now 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: already experienced in building an oil producing company in Kazakhstan with access to skilled Kazakh human resources/companies
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100% ownership of an excellent piece of exploration acreage in the oil rich Mangistau Basin, SW Kazakhstan
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A 3D seismic program that is currently underway and will lead to a drilling program commencing during 2009
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The proven ability to transact in Kazakhstan
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Access to the export oil market – thereby allowing the Company to monetise discoveries at the best possible prices