Jupiter Energy Limited (ASX: JPR) is an oil exploration and production company that owns 100% of the Block 31 permit located in the oil-rich Mangistau Basin near the port city of Aktau, Kazakhstan.
The Company is making progress with the implementation of 100% gas utilisation infrastructure and the creation of new oil trading Joint Venture vehicles to manage the sale of domestic oil.
Five gas to electricity generators have been delivered and installed and are expected to be operational during March 2023.
Akkar East and West Zhetybai fields are expected to return to optimal production levels during March 2023, and the Akkar North (East Block) oilfield's production is expected to increase to ~15 tonnes (~110 barrels) per day once the Joint Production Plan is approved by the relevant authorities in 2Q 2023.
To comply with new Kazakh legislation, Jupiter is selling its domestic oil through Joint Ventures, allowing for participation in both upstream and downstream revenues with improved margins.
The Company has applied to the Kazakh Ministry of Energy for an export oil quota and is in negotiations with export oil traders.
Once complete, the daily production level from all five wells will be ~100 tonnes (~750 barrels) per day.