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.
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