Jupiter Energy (LON:JPRL) generated sales of US$1.7mln in its latest quarter on production of 51,000 barrels of oil from its Block 31 in Kazakhstan.
Sales for the three months to December came predominantly from the J-51 and J-52 wells, with a small quantity from the J-53 well during December and none from J-50, which required an amendment to its trial production licence.
Production averaged 638 barrels of oil per day (bopd) at an average price of US$33 at the well head.
Oil sales are currently being handled by two local trading companies but going forward Jupiter wants to sell directly into the pipeline or to a refinery nearer the field to reduce transport costs.
Oil sales achieved in 2013 overall totalled US$7.9mln based on sales of 240,500 barrels.
Jupiter said 2014 emission permits for wells J-50, J-51, J-52 and J-53 were received in late December and these wells are now on trial production. Revenues in 2014 will come largely from the J-50, J-51, J-52 and J-53 wells.
Broker finnCap added that when all necessary approvals have been received, the company will carry out testing of the Jurassic zone identified when drilling the J-59 well.
“The focus is now on completing a financing package to enable to company to commence its 2014 drilling programme and to continue its planning for the full field development.”