Jupiter Seeks Financing Ahead of Developing Akkar East

Kazakhstan-focused junior oil firm Jupiter Energy reported Friday that it is focusing on completing a financing package that will enable the company to begin its 2014 drilling program and plan the full field development of its Akkar East field.

Jupiter said that it has now received its J-50, 51, 52 and 53 emission permits for 2014 and was successful during the last quarter (ended December 31) with its efforts to bring the J-53 well back onto production. As a result, the firm said, the outlook in the short term for oil revenues is "encouraging".

Production during the quarter averaged 638 barrels of oil per day, compared with 673 bopd during the previous quarter. The remedial work that took place in the quarter on the J-53 well means that it is now producing at a rate of 80 bopd.

Jupiter now plans to carry out testing of the Jurassic zone it identified when drilling the J-59 well. After completing this work, assuming it achieves the required funding, the company plans to begin drilling the J-54 exploration well. This well is a large structural closure that has been mapped using 3D seismic to the north of the producing East Akkar field.


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