JUPITER ENERGY LIMITED - ASX: JPR

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Description

upiter Energy Limited (ASX: JPR) is an oil exploration company, listed on the ASX, with exploration acreage in Kazakhstan. Its initial purchase was 100% of an exploration permit (known as Block 31) in the Mangistau Basin. The Company has subsequently extended the permit area and it now covers 127 sq km of exploration acreage in an area of proven oil production. 3D seismic has been shot over 95 sq km of the permit and the result of this work has identified a range of targets. The Company has recently completed the re entry of an old Soviet well drilled on the permit (NWZ 2) and this workover has been successful. The well has now been suspended and will be put into production testing during 1Q 2010. The Company has also announced that a new well (SV Akkar) will be drilled on the permit and this well will spud in mid December 2009.

Block 31 - Kazakhstan

Jupiter Energy Limited owns 100% an exploration permit (Block 31) located in the Mangistau Basin in South West Kazakhstan. The permit covers an of 127 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 since successfully re entered an old Soviet well located on the permit. The Company also plans to drill a new well on the permit, spudding in December 2009. Details of the progress that has been made with regards the NWZ 2 re entry and the drilling of the SV Akkar well can be found in various ASX announcements reached via the Newsroom link.

Mine For

gas, oil

Location of operation(s)

Kazakhstan

Address

Unit 9, 38 Colin St
WEST PERTH, WA, AUSTRALIA

Phone

(08) 9322 8222

Email

Website

http://www.jupiterenergy.com.au/

Last Updated

12/03/2010