Jupiter Energy Ltd Operations Update (1268K)
September 19 2016 - 1:00AM
UK Regulatory
TIDMJPRL
RNS Number : 1268K
Jupiter Energy Ltd
19 September 2016
19 September 2016
Jupiter Energy Limited ("Jupiter" or the "Company")
OPERATIONS UPDATE
KEY POINTS:
-- Block 31 Exploration Licence extended to 29 December 2019.
-- 3 year Work Program (2017-2019) is now being progressed with
all the relevant Kazakh Regulatory Authorities towards final
approval.
-- The Company is now working with various oil marketing groups
to position itself for a return to oil production once all the
relevant Trial Production Licences for the 2017-2019 period have
been approved.
-- Company continues to work on various options to provide long
term funding for the ongoing development of Block 31.
Jupiter Energy Limited (AIM: "JPRL", ASX: "JPR" and KASE:
"AU_JPRL") is pleased to provide shareholders with the following
Operations Update.
Exploration Licence Extension:
In late March 2016, the Company submitted a formal application
to the Ministry of Energy for a 4 year extension (through to 20
December 2020) to the Exploration Period on Block 31. This
submission was based on the Company acquiring additional acreage to
the North East and South East of the current permit area.
The Company has now formally signed Addendum 7 to Contract 2275
which confirms that the Ministry of Energy has agreed to a three
(3) year extension to the Exploration Period, through to 29
December 2019. The 3 year extension is based on the Company
maintaining its current acreage and the Ministry of Energy has
indicated that if the Company does proceed with the North East and
South East land extensions then a further one (1) year extension
(to 29 December 2020) would be considered.
The three year licence extension is a positive step forward and
will allow the Company to undertake further work on the Akkar East
and West Zhetybai oilfields, further de-risking the current State
Accepted preliminary oil reserves on both oilfields.
The Company must now get the 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
Licences 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 Licences approved for the Akkar East
and West Zhetybai oilfields both end on 29 December 2016.
The Company believes that the timeframe for these approvals is
the end of 2016 and should culminate in a further addendum to
Contract 2275 (Addendum 8) being signed.
The Company has opened dialogue with various local oil marketing
groups and is focussed on looking to recommence oil production in
early 2017, assuming the Trial Production Licences are approved for
the Akkar East and West Zhetybai oilfields by the end of 2016.
The Company will keep shareholders updated on progress with the
approval of the 2017-2019 Work Program and the extension of the
Trial Production Licences for the Akkar East and West Zhetybai
oilfields.
Summary:
The Company is pleased to be making good progress with the
extension to the Exploration Licence and continues to work with the
major shareholders and debt holders on deciding how to best put
into place longer term funding arrangements for the development of
the Block 31 permit area.
If shareholders have any questions regarding this announcement
they are welcome to contact the Company on +61 89 322 8222.
Geoff Gander
Chairman/CEO
ENDS
Enquiries:
Jupiter Energy (+61 89 322 8222)
Geoff Gander (geoff@jupiterenergy.com)
finnCap Ltd +44 (0)20 7220 0500
Matt Goode/Emily Watts/Christopher Raggett (Corporate
Finance)
Simon Johnson (Corporate Broking)
About the Company:
Jupiter Energy Limited is an oil exploration and production
company, quoted on the AIM, ASX and KASE markets. The Company is
focused on developing its onshore assets in western Kazakhstan. In
2008 the Company acquired 100 per cent of the Block 31 permit,
located in the oil-rich Mangistau Basin, close to the port city of
Aktau.
Jupiter has a proven in-country management team, led by an
experienced, international Board, together possessing the skills,
knowledge, network and attention to detail needed to operate
successfully in Kazakhstan. The forward plan will see Jupiter
develop a group production facility on Block 31 to process, store
and export oil. This topside infrastructure is a key element in
moving to long-term production and the achievement of self-funding
for further development of Block 31.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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