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Jupiter Energy reiterates full-year targets

Jupiter Energy reiterates full-year targets

Jupiter Energy (LON:JPRL, ASX:JPRL) has reiterated its full year production and sales targets after a third quarter production update.

The sales target for the year remains 265,000 barrels sold for a total of around US$8.4mln after a quarter in which around 60,600 barrels were sold in the domestic market for US$2.02mln, at an average price of around US$33.30 a barrel at the well head.

Average daily production clocked in at about 673 barrels.

The company owns 100% of the Block 31 permit, located in the oil-rich Mangistau Basin, close to the port city of Aktau in western Kazakhstan.

The average daily flow rate from the J-51 well for the quarter was around 320 barrels of oil per day (bopd), while for J-52 it was around 350 bopd.

The J-53 well has been approved for trial production but is currently shut-in, pending remedial work this quarter that should pave the way for commercial production.

In addition to the scheduled work on J-53, the current focus is on the J-59 well, where the company intends to carry out additional testing once remedial work on J-53 is complete. The drilling of the J-54 exploration well has been deferred until 2014.

Oil sales are currently being completed through two local trading companies, but the company continues to investigate new markets for the sale of its oil from the Block 31 wells.

In an ideal world, the company would like to deliver its oil to purchasers via a pipeline, or would sell the oil to a local refinery, but for now the company is having to resort to the more expensive option of transporting its oil via rail.

“In what was a quiet quarter from an operational perspective, the release of three independent reserve reports confirmed the prospectivity of the Block 31 licence. With the additional funding secured on 20 September 2013, the company moves into the 4th quarter with a focus on carrying out remedial work on well J-53 and completing the planning for further testing on well J-59,” said Geoff Gander, chairman and chief executive officer of Jupiter.

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