Jupiter Energy makes 'solid progress' in first quarter

Jupiter Energy posted its quarterly update on its operations to 31 March on Friday, reporting “solid progress” had been made during the period with the Kazakh Regulatory Authorities in relation to the approval of the three year work programme and trial production licences for the Akkar East and West Zhetybai oilfields.

The AIM-traded firm said an additional funding package was under discussion with major shareholder Waterford Petroleum to enable the recommencement of oil production from wells J-51, J-52 and Well 19 once the licences were approved.

It also noted the signing of an oil sales framework agreement with local Aktau trader for the sale of oil into the Kazakh domestic market as soon as production recommenced.

Jupiter also completed the resolution of the Akkar North division of reserves during the period, and said it continued to work on “various options” to provide long term funding for the ongoing development of Block 31.

“Jupiter was successful with its ownership claim over the Akkar North (East Block) reserves and will now work to complete the required paperwork and gain the requisite approvals to return the J-50 well to production, subject to the requisite funding being in place,” the board explained in its statement.