Jupiter Energy (LON:JPRL, ASX:JPRL) plans to drill the J-54 exploration well in Kazakhstan in the first quarter of 2014, highlights FinnCap, after the company's final results, which were in line with expectations.
Jupiter continues to focus on its Block 31 licence having sunk three wells in the southern extension, known as West Zhetybai and with ongoing trial production from three wells in the northern area of the permit.
"Since year end, short-term financing has been secured, but additional funding is required to evaluate the acreage fully and progress the existing discoveries into development, and this is the next key challenge for the company," notes FinnCap analyst Will Arnstein.
Earlier this month the firm told investors it is raising US$6.5 million via a convertible loan note issue.
Jupiter reported, in the year to June 30, an after-tax loss of $4.9mln, $0.2mln lower than forecast due to a $0.2mln loss on derivatives.
Revenue was $5.8mln on sales of 194,300bbls.
FinnCap has reduced its total net asset value for the company by 4.2 p to 123.4 p a share to reflect this recent issue of convertible debt and lower production forecasts for 2014.
However, it leaves its target price for the stock unchanged at 70p a share - more than double the firm's current price of 29.75p.