Kazakhstan based oil firm Jupiter Energy (ASX:JPR) hopes to hit a number of significant milestones in the coming six months.
In an operations update today the group told investors that it has begun work to test the Jurassic reservoir in the J-52 well, after it completed a 90-day test on the Triassic reservoir in June.
A reserves report was submitted the Kazakh authorities following the Triassic test and today Jupiter confirm that the J-52 reserves have been approved by the Kazakh Geological Committee.
Consequently it has now been able to submit a trial production license to appropriate experts, before a final submission is made to the central development committee.
Similarly Jupiter is now preparing a trial production licence application for the J-50 well, and it will submit the application to the local authorities soon, before final submission the central development committee.
Jupiter also revealed that J-51 is expected to spud before the end of July, after preparations advanced ahead of schedule. It also noted that J-51 will be the commitment well for 2011.
Jupiter emphasised that the drill plan has been modified, based on the experience of drilling J-52, and it reckons that this on-going process will continue to improve operational efficiencies.
The J-52 result has also meant that Jupiter is now considering the use of fracture stimulation for the NWZ-2 well.
Separately it said that the process to extend Block 31 is now nearing completion, and it expects to update investors shortly.
At the 30 June 2011 Jupiter had AU$14.5 million in cash.