Drilling Commences at Jupiter's J-58 Well

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Jupiter Energy Limited, the Kazakhstan-focused oil exploration and production company, provided the following drilling update.

The J-58 exploration well was spud Oct. 21, 2012.

The J-58 well is the Company's sixth well and the first well to form part of the drilling program that accompanies the first 2 year extension to the Company's Block 31 Exploration Licence, which now runs until Dec. 31, 2014.

As with the recent J-55 well, J-58 is located on the new extension area to the south of the already discovered Akkar East oil accumulation. The well is approximately 2.36 miles (3.8 kilometers) to the southeast of the J-55 well location. The Company believes that the area being targeted by this well may contain up to 10 million barrels of potential resources.

The well is planned to be vertical and has the potential to intersect a secondary Jurassic clastic reservoir target and then the primary Mid-Triassic carbonate reservoir target before drilling to a planned total depth of approximately 11,155 feet (3,400 meters) true vertical depth.

The J-58 well will again be drilled by Kazakh drilling contractor Akpan LLP who will use the same ZJ-40 rig as was used previously for the J-55 well. The well is anticipated to take approximately 60 days from spud through to running production casing and temporarily suspending the well. The Company will then demobilize the drilling rig and, on a success case basis, mobilize a smaller and more cost-effective service rig to complete and test the well.

The planning and mobilization of the workover rig and testing equipment as well as the granting of all the required government approvals may take two to three weeks before the commencement of the initial testing program. The Company will complete and test this well in a similar fashion to the J-51, J-52, J-53 and J-55 wells.


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