Jupiter Energy plc provided shareholders with the following J-53 drilling update.
The J-53 well is the Company's fourth exploration well and the first of its two 2012 commitment wells on Block 31, Jupiter's 100 percent owned permit in onshore Kazakhstan just east of the city of Aktau and the Caspian Sea. The well is located 1.7 miles (2.8 kilometers) southeast of the J-52 well and increases the known areal extent of the Akkar East field.
Three exploration wells have already been drilled on this field and all three have been commercial discoveries. The J-50 well was drilled at the northern tip of the field, J-51 is 1.2 miles (2 kilometers) to the southeast, and J-52 is a further 1 mile (1.7 kilometers) to the southeast.
The J-53 well took a total of 58 days to drill and reached a total depth of 3,113 m on January 21, 2012. Open hole logs were run and the well is being prepared to run production casing and cement. Operational progress and geological results were consistent with the Company's expectations.
Hydrocarbon shows while drilling, including a core in the reservoir zone, and subsequent open hole wireline logs all indicated hydrocarbons in the Triassic reservoir. The open hole logs indicate good levels of oil saturation and porosity, similar to the proved producing zones in J-50, J-51 and J-52.
Analysis by independent consulting firm Reservoir Evaluation Services LLC ("RES") confirmed approximately 87m of gross and 56m of net pay at the Middle Triassic carbonate reservoir unit, the primary reservoir objective in the well. The reservoir appears to be oil on rock and well above the already identified Akkar East oil water contact ("OWC").
2P reserves after the drilling of J-50 and J-52 wells were independently estimated at 24.2 mmbbls and a new independent reserves report will now be prepared to include the results of all four wells drilled on Block 31: J-50, J-52, J-51 and J-53. The next reserves report should be published during the second quarter of 2012.
Results from the slightly shallower Z-Sand indicate three oil saturated sands which also look encouraging. Further analysis of this zone will be carried out with testing considered at a later date.
The Mid Triassic carbonate reservoir unit was successfully flow tested in the Company's J-50 and J-51 and J-52 wells and this will be the initial focus in terms of completion and testing.
The forward plan is to run casing and perforate the well. The well will be stimulated and flow tested for up to a maximum of ninety days during which time flow rates and reservoir pressures will be measured for various choke sizes and fluid samples collected for analysis. The well will then be shut in and an application will be submitted to the relevant regulatory authorities for the well to be put onto a Trial Production License.
Further updates on the J-53 well will be provided to shareholders in due course.
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