Jupiter Energy pushes forward with exploration at Block 31

2011-08-30 10:22:00

Jupiter Energy (ASX:JPR), the Australia-listed oil group, is pushing forward at its Block 31 in Kazakhstan as it announced it has begun shooting 3D seismic over its new extension there.The acquisition of the data is expected to take four weeks and it will then need six months to be interpreted, the company said today.The firm hopes it will lead to it being able to identify a suitable location for an exploration well on the new acreage.The firm revealed on July 13 that it had secured official approval for the extension to its existing acreage at Block 31 - increasing it by 59.29 km2, giving a total permit area of 122.68 km2.As part of the approval, Jupiter was obliged to shoot 3D seismic over the new area on or before 31 December next year.Chairman and chief executive of Jupiter Energy Geoff Gander said today: "Our early focus on the Block 31 extension area demonstrates our interest in the prospectivity of this new acreage and we look forward to determining whether there are suitable drilling targets in the area over the coming months.”The firm said shareholders would be kept updated on progress with the 3D programme.It added that current interpretations using the existing wide-spaced 2D data suggested the fault trend that traps oil in the Mid Triassic at J-50 and J-52 continued to the south east setting up similar traps in this new extension area.A number of existing wells drilled within the new area during the 1960s and 1970s are thought to have encountered hydrocarbons so the company said it plans to include a well in the extension area as part of its 2012 drilling programme.