Kazakhstan focused oil junior Jupiter Energy (LON:JPRL) saw continued progress in its second quarter, which ended on December 31.
The company said it is moving towards its goal of developing into a full cycle exploration and production company, with a production profile and material reserves.
Trial production from the J-50 and J-52 wells, on Block 31 in the Mangistau basin, continued and total oil revenues totalled US$1.83mln in the quarter. The produced oil was sold un-processed to a local facility at a price of US$43.50 per barrel.
Jupiter hopes to develop more flexibility in the future so that its oil can be delivered into state owned oil pipelines, after a full field development, and it can then move from domestic to export sales.
In the meantime Jupiter is continuing its efforts to expand the field via drilling, with the J-55 and J-58 wells achieving notable successes.
Also, the J-53 well has been worked over, and it will shortly undergo further stimulation in the current quarter. Drilling is currently underway on the J-59, which is expected to hit target depth next month. J-59 is the third well to test the new southern extension area.
The work on J-59 is being supported by the US$3mln loan which was agreed earlier this month.
Another potential milestone in the current quarter will be an updated competent person's report.