In its six-monthly review Jupiter Energy (LON:JPRL) told investors that it continues to see measured progress in Kazakhstan, as it continues to make the transition from a pure explorer into an explorer and producer (E&P).
Trial production, from the J-51 and J-52 wells, yielded around 112,000 barrels of oil which is an increase of about 45% compared with the same period of last year.
It generated revenues of US$3.4mln, which were reinvested into the group’s operations.
However, despite this apparent success, the company said it endured a “somewhat frustrating” six months as its progress has been inhibited by lengthy approval processes and restricted funding.
The company, nevertheless, remains confident in its plans.
“The goal of developing Jupiter Energy into a full cycle E&P company with a meaningful production profile and sizeable 2P reserves base remains the key objective for the board and management and the company is confident of continuing to make progress towards achieving this goal during 2014,” it said.
Jupiter is currently planning to drill its eighth exploration well later this year, on the J-54 prospect, though this programme is subject to securing funding. Similarly, the company wants to further develop the East Akkar field.
It is currently reviewing its funding requirements for the next two years, between 2014 and 2016, so that it can reach a point where export sales are established and continual field development is self funding.
The company said it is considering funding options including the issue of new equity, reserve based lending and convertible debt. And it could be a combination of the three.