Jupiter Energy Receives Approval to Extend Block 31 Exploration License

Jupiter Energy Limited announced Monday that it has received approval from the Kazakhstan Ministry of Energy to extend its exploration license in the country’s Block 31 to 29 December 2019.

The three year extension is based on the company maintaining its current acreage and the Ministry of Energy has indicated that if the company proceeds with North East and South East land extensions then a further one year extension, to 29 December 2020, would be considered.

The Company must now get its proposed three year work program (2017-2019) approved by the Kazakh Regulatory Authorities with the next stage of the approval process expected to be progressed over the next few months.

As part of the work program submission, trial production licenses extensions for the Akkar East and West Zhetybai oilfields for the period to 29 December 2019 will also be applied for. Currently the trial production licenses approved for the Akkar East and West Zhetybai oilfields both end on 29 December 2016.



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