Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Jupiter Energy targets export production with reserves estimate for Kazakhstan oil block

Jupiter Energy targets export production with reserves estimate for Kazakhstan oil block

Jupiter Energy (ASX: JPR) has independently estimated that its Block 31 in Kazakhstan hosts C1+C2 Reserves of 102.5 million barrels of oil and has submitted it for review and approval by the relevant authorities.

The review, which focused on the Akkar East and West Zhetybai oilfields, is part of the ongoing process of developing them for export production. Approvals are expected to take about three months.

Forward plans include further evaluation of the potential of the J-53, J-55 and J-59 wells with the objective of establishing long term commercial production as well as further appraisal of the accumulation on the Southern Extension.

Akkar East has estimated C1+C2 Reserves of 41.2MMbbl (C1: 14.7MMbbls, C2: 26.5MMbbls), up 11% from the Reserves approved in June 2012. This is attributed to the T31, T32, T2A and T2B horizons.

Submission of its Reserves is the next step in process of obtaining Full Field Development status.

West Zhetybai has C1+C2 Reserves of 61.2MMbbls in the same horizons and Trial Production Licences are being sought for the J-55, 58 and 59 wells.

This consists of C1 Reserves of 2.3MMbbls and C2 Reserves of 58.9MMbbls.

The independent review was carried out by Kazakh reserves institute, Reservoir Evaluation Services. C1 Reserves are roughly equivalent to Society of Petroleum Engineers Proved Undeveloped Reserves and some of the probable category while C2 Reserves are generally equivalent to the remainder of the Probable category and the Possible category.

Separately, the company has engaged McDaniel & Associates to prepare a Competent Person’s Report as part of the process of discussions with banks and other financing parties for a reserve based lending facility to fund development of the Block 31 permit.

It estimated a Proved Reserve of 9.7MMbbls and a Proved and Probable Reserve of 19.2MMbbls based solely on production from the T2B horizon in wells J-50, J-51, J-52 and J-58.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

View full JPR profile View Profile

Jupiter Energy Limited Timeline

Newswire
September 16 2013

Related Articles

oil and gas operations
August 02 2018
The agreement includes up to US$35mln in costs regarding the development of Aminex’s remaining 25% interest in the Ruvuma PSA, which would include the Ntorya project
oil and gas operations
January 24 2018
“The increase in production levels is due to successful work-overs and the implementation of production optimisation programs,” Cadogan said
picture of wind turbines
January 11 2018
The construction of more than 600 wind turbines was funded by securing US$1bn of financing during the year.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use