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Jupiter Energy outlines schedule for weeks and months ahead

Published: 08:27 10 Apr 2013 BST

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Jupiter Energy (LON:JPRL) released a busy update on its operations in Kazakhstan which has outlined a number of potential catalysts in the weeks and months ahead.

It said that the successful J-58 well is now being prepared for a 90-day production test, with co-mingled production from two horizons, T2A and T2B.

A previous production test from T2B alone yielded 1,300 barrels of oil per day – more than the total production from the firm’s three continuous production wells combined.

Testing is also expected to start on the J-59 well this month.

A new competent person's report (CPR) is expected to be ready next month, and should J-59 yield positive test results this could be updated shortly after in July.

Jupiter also confirmed that output from its three producing wells - J-50, J-51 and J-52 – is currently averaging 1,100 barrels per day. A total of 35,000 barrels of oil was sold in March.

Meanwhile, it also confirmed that the J-55 well is producing oil with a high water cut, of 76%, and the company said it will continue to pump the well and monitor fluid composition. Similarly, Jupiter said it will continue to monitor the fluid composition from the J-53 well, after remedial cementing yielded a marginal improvement in oil cut to 15%.

The company also told investors that it continues to have talks over its long term funding options, including convertible notes or bank debt, but these arrangements will be subject to the findings of the new CPR.

And in the meantime Jupiter says it remains funded via its recently agreed loan and cash flows from oil sales.

 

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