Jupiter Updates on Kazakhstan Operations, Drilling at East Akkar Field

Australia's Jupiter Energy Ltd., the Kazakhstan-focused oil exploration and production company provided Tuesday the following update on its operations, including Well 19 in the East Akkar field in Kazakhstan.

Testing of Well 19

The completion and testing of well 19 included perforating the well underbalanced with tubing conveyed perforating guns, monitoring fluid levels and running pressure gages. Analysis of the test data indicated severe skin damage, a measure of reduced permeability near the well bore, which will require an acid treatment to stimulate the well and assist oil flow into the well bore.

On recovery of the tubing conveyed perforating gun an equipment malfunction meant that only a limited zone of 20.6 feet or 6.3 meters (9,533.7 - 9,554.4 feet or 2,905.9 - 2,912.2 meters) was actually perforated out of the planned 156.4 feet (47.7 meters) - i.e. approximately 13 percent of the total zone that had been targeted for perforation.

Further work, including re-perforating the well and carrying out an acid stimulation, will not take place until the requisite funding for the work is in place and the Company believes that demand for domestic oil sales, and the sales price for the oil, have returned to a level that will make trial production operations economically viable.

Further updates on progress with well 19 will be provided in due course.

Well 19 is the Company’s eighth well on Block 31, Jupiter’s 100 percent owned permit situated onshore Kazakhstan just east of the city of Aktau and the Caspian Sea. The well is located in an area of proven C1 reserves, between the J-51 and J-52 production wells.


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