Jupiter Updates on Kazakhstan Operations, Drilling at East Akkar Field

Well 19 took a total of 53 days to drill and reached a total depth of 10,065.6 feet (3,068 meters) Feb. 16; hydrocarbon shows while drilling, mud logging, and subsequent open-hole wireline logs all indicated hydrocarbons in the Mid Triassic reservoir. The open-hole logs indicated good levels of oil saturation and porosity, similar to that of the J-51 and J- 52 wells, which were also drilled on the same structure.

Analysis by local independent consulting firm Reservoir Evaluation Services LLC (RES) confirmed some 326.1 feet (99.4 meters) Total Vertical Depth Sub Surface (TVDSS) of gross reservoir and approximately 277.5 feet (84.6 meters) TVDSS of net pay at the Middle Triassic T2B carbonate reservoir unit, the primary reservoir objective in the well.

In addition, analysis also confirmed an additional 50.5 feet (15.4 meters) TVDSS of gross reservoir and approximately
34.1 feet (10.4 meters) TVDSS of net pay at the Middle Triassic T2A carbonate reservoir unit.

Cut offs of 3.8 percent porosity was used in the RES analysis.

Near Term Funding

As advised to shareholders Jan. 27, the Company will require further funding to meet its ongoing working capital requirements. Whilst steps have been taken to reduce cash outflows, the Company is currently negotiating a debt package to ensure financial commitments can be met as and when they fall due; however there is no certainty that the negotiations will result in the provision of a debt package at this time.

As at March 31, the Company anticipates having cash balances of approximately $1.53 million (AUD 2 million), from which final well costs in relation to Well 19 will be met with payments expected to be made during the course of April. The Company therefore has sufficient funding until the final well cost payment is made, following which it will need immediate funding to meet its ongoing working capital requirements. Further updates regarding the Company’s funding negotiations will be made as and when appropriate.


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