Project Aquisition
Block 31 (including latest extension)
Jupiter Energy Limited completed it’s acquisition of its initial exploration permit (Block 31) in Kazakhstan on the 25 June 2008. Block 31 is located in the Zhetybai-Uzen step of the Mangistau Basin, it covers 100 sq-km and is broken into two parts. As an entire region, the Mangistau Basin, including Uzen and Zhetybai, has already produced 6 billion barrels of oil and Block 31 is on trend with both Uzen and Zhetybai. A fully funded 3D seismic work program on the western section of Block 31 has now commenced with the clear objective of identifying the most prospective targets on the permit. An extension to this block was subsequently granted by the Government, giving Jupiter total exploration acreage of 127 sq km.
A 3D seismic program is currently being completed over approximately 95 sq km of the permit and the results of this program will lead to a drilling program during 2009.
The JPR Board has great confidence in Block 31’s prospectivity and this is supported by bordering exploration blocks having already achieved outstanding success post 3D seismic. By way of example, the current owners of Akkar N, the neighboring permit to Block 31 completed their 3D seismic in 2007 and have since developed the field to a point where they are producing aaproximately 4,500 barrels of oil per day and recently upgraded their 2P reserves to 24 mmbbls. The other field adjacent to Block 31/32, North West Zhetybai, is a field that has government reserves (1P) listed at 4.4 mmbbls b ased on 2D seismic shot in the early 1980's and the results of some initial drilling done by the Soviets in 1982.
