Jupiter Energy Ltd

The four noteholders extended the interest-free period on their notes from 31 December 2026 to 31 December 2028, resolving the earlier May 2025 proposal. A further US$300,000 was repaid in late August, leaving US$13.87m. The text does not mention the AIX listing.

debt financing

The West Zhetybai gas pipeline was commissioned and the first associated gas was sold to neighbouring producer MMG. All three oilfields are now tied into neighbouring gas utilisation infrastructure, so gas produced during full-field drilling can be utilised in an approved manner.

production update

Alexey Kruzhkov, a director since 2016 and Waterford's board representative, becomes Non-Executive Chairman. Geoff Gander moves from Chairman/CEO to Managing Director/CEO. Pay is unchanged and no new director is expected after Kuandykov's death.

director officer appointment

All four noteholders agreed to extend the interest-free period from end-2026 to 31 December 2028 and cap repayments at US$1.5m in 2025 and US$1m in 2026. Both changes depend on the AIX dual listing completing. Eases debt pressure if the listing proceeds.

debt financing

The A$3m placement at A$0.03 will not proceed because the A$3m minimum subscription was not met; application money will be returned. The company will keep exploring Australian raising options and intends a dual listing on Kazakhstan's Astana International Exchange to raise from Kazakh investors. The new Akkar East well's funding is now open again.

capital raising announcement

Plans to raise A$3m at A$0.03 per share, up to A$4m with oversubscriptions, led by Vested Equities for a 6% commission. Funds go to a new Akkar East well expected to spud 1Q 2025, targeting ~640 to ~1,000 bbl/d. Resolves the funding question for the next well, if the raise completes.

capital raising announcement

Gas pipeline project completed and commissioned, with first associated gas sold to MangistauMunaiGas. This delivers the Stage 2 plan agreed in March for Akkar East and Akkar North (EB). West Zhetybai is to be connected during 2025.

material agreement

West Zhetybai was granted a 25-year Full Commercial Licence from 1 September 2024, resolving the pending application. All three fields now hold full licences and its oil can be exported. Gas pipeline commissioning expected 4Q 2024; new well still under discussion.

regulatory community update

March 2024 quarter cash flow: receipts A$3.21m, operating cash flow +A$1.757m. Cash rose to A$2.0m from A$1.264m. US$400k repaid on noteholder debt, and noteholders extended the repayment date from end-2024 to 31 December 2026, still interest free. Debt is ~US$16.17m.

quarterly activities report

Jupiter concluded contracts with neighbour MangistauMunaiGas to sell associated gas from its fields. It will build pipelines into MMG's infrastructure, first stage expected in the second half of 2024. This advances the Stage 2 gas plan.

material agreement

Independent Sproule report (effective 31 Dec 2023): proved reserves 14.69m barrels, proved plus probable 36.49m, and proved, probable plus possible 46.80m, all 100% Jupiter. After-tax value is ~US$180m versus ~US$31m enterprise value. First report since 2013.

resource reserve update

Major shareholder Waterford agreed a new US$5m facility: 0% interest, unsecured, repayable by 31 Dec 2024 (extendable by agreement). Draws are repaid before the existing ~US$16.57m debt. It gives flexibility for the 2023-24 Kazakh work programs.

debt financing

Five wells now produce ~675 bbl/d. Jupiter has its April 2023 export quota and a trader contract, so its first export oil sale occurs in April, with 50% of April output exported and 50% sold domestically via the new JV.

production update

Five gas generators have reached Aktau and are being installed, due operational in March 2023, lifting output toward ~640 bbl/d. Under new Kazakh law, Jupiter now sells domestic oil via a new JV and has applied for an export quota.

joint venture update

Post-AGM update: 1,076,472,428 new shares convert ~US$22.6m of debt, ~US$36.17m is written off, and ~US$16.57m stays interest-free to 31 Dec 2024. Shares on issue become 1,229,850,121. Gas generators still awaited from China; 1Q 2023 production seen near ~225 bbl/d.

material agreement

All ten AGM resolutions were carried on a poll, with over 99% of votes cast in favour. They included the share issues to MidOcean, Ayman Asfari, Waterford and Weighbridge (as trustee of the Blackbird Trust), which were needed for the debt restructure.

other

Kazakh regulators approve the 100% Gas Utilisation Plan, so construction can start. Five generators are ordered, with three due mid-December 2022 and two mid-January 2023, and site works run mid-November to mid-January. Output is to rise from ~225 to ~750 barrels a day in 1Q 2023.

regulatory community update

Jupiter signs amended Deeds of Settlement with all four noteholders on 3 Oct 2022, replacing the collapsed March plan: ~30% of debt converts to shares, ~50% is written off, ~20% is repaid by end-2024, interest-free from 1 Dec. Debt falls from ~A$114.4m to ~A$25.5m. It needs shareholder and regulatory approval.

debt financing

Jupiter says the minimum A$35m raising behind the March debt restructure is unlikely in the foreseeable future, so the settlement conditions were not met. Talks continue with the four noteholders on an amended plan. The ~US$70m debt remains.

material agreement termination

Stage 1 gas utilisation funding is secured and five generators are being ordered from a Chinese manufacturer, for delivery early 1Q 2023. It is funded by a US$1.3m oil prepayment from a local trader. Output is targeted to rise from ~225 to ~750 barrels a day.

contract award

Jupiter lodged its 100% Gas Utilisation Plan with Kazakh regulators on 11 March 2022. Stage 1 is targeted for 4Q 2022, lifting output from ~225 to ~650 barrels a day. Funding is to be secured in 2Q 2022, helped by the debt restructure.

regulatory community update

ASX pauses trading in Jupiter's shares pending a further announcement; no reason is given in the notice. The cause is not yet known.

listing compliance notice

Jupiter agreed terms with all four noteholders to restructure ~US$69.92m of debt: 20% repaid in cash, 30% converted to shares and 50% written off. It needs a minimum A$35m raising, and at an illustrative A$0.04 price existing holders would fall to ~14.91% after the raise alone.

debt financing

Waterford and the three other noteholders agree to extend repayment of all outstanding notes from 1 July 2022 to 1 July 2024, easing the near-term debt deadline. Gas utilisation is now targeted by end of 2Q 2023. Resolves the July 2022 maturity thread.

debt financing

Jupiter signs a binding Framework Agreement with Sleipnir Technologies to develop a 100% gas utilisation plan for all three fields, to be lodged by early 1Q 2022, with at least 12 months to commissioning. Sleipnir affiliate Arion Trading will buy 100% of domestic oil, fully prepaid. Output could rise from ~225 to ~700 bbl/d.

material agreement

June quarter: ~32,000 barrels sold for ~US$921,500 (~US$29/bbl). Final approval for Akkar North (East Block) came 14 July 2021 and J-50 resumed at ~50 bbl/d, resolving the long approval wait. West Zhetybai reserves report submitted; strategic review talks focus on a gas utilisation plan and drilling funding.

production update

The Kazakh Committee of Geology approves the Final Reserves Report for Akkar North (East Block), a key step toward commercial production. J-50 stays on trial licence to end-December, then shuts until Preparatory Period approvals; expected ~50 bbl/d (~30% of capacity). Resolves the early-November reserves thread.

resource reserve update

Final approvals for Akkar East are complete and wells J-51, J-52 and 19 are producing again under the 'Preparatory Period'. Output is expected at only ~30% of capacity because gas must be used on the field. Staffing is increased. Resolves the long-awaited approval thread.

production update

Jupiter begins a Strategic Review of its Block 31 acreage and hires JSC VTB Capital as adviser. Options include more debt, equity raising, restructuring, or selling part or all of the asset. Noteholder talks continue. Akkar East approval expected within weeks.

material agreement

At Jupiter's request, ASX suspended trading from 28 April 2020 so the company could work with regulators on the abnormal trading of 22-23 April. It expected to announce by 1 May 2020.

listing compliance notice

Reverses the 27 March shutdown: an improved prepayment deal with the local trader keeps J-50 and J-58 producing. Aktau staff fall from 37 to ~25 rather than ~7. The company says US$40/bbl is needed for longer-term sustainability and continued Noteholder support is required.

production update

Citing the coronavirus pandemic, the company will shut in all Kazakh oil production from 31 March 2020 and cut Aktau staff from 37 to ~7. Production resumes when oil prices strengthen. The board is in discussions with Noteholders.

production update

Half-year to Dec 2019: loss A$35.4m (A$6.4m a year earlier), including a non-recurring A$32.6m impairment. Revenue A$4.84m on ~134,000 barrels. Cash A$687k; equity deficit deepened to A$60.2m from A$24.7m at June 2019.

half year report

Signed addendums extend trial production: J-50 (Akkar North) to end-Dec 2020 and J-58 (West Zhetybai) to early Sept 2021; both wells restarted. This resolves the licence-extension thread. Akkar East stays shut, and approved gas emissions may constrain output. Aktau staff are cut.

regulatory community update

All wells were shut in at the 29 Dec 2019 licence expiry. J-50 and J-58 await signed extension addendums. Akkar East's Final Reserves Report is approved, but J-51, J-52 and 19 stay shut until gas-flaring approval for commercial production is granted.

regulatory community update

Year to 30 June 2019: production ~241,000 barrels (up ~270%) and revenue A$8.96m (up 207%). The chairman warns the licence extension, due by 29 Dec 2019 under a new subsoil code, may not be settled in time. AGM is 27 November 2019.

annual report

Kazakh Ministry of Energy fined Jupiter about US$900,000 for under-performing its 2015 work program. The company has appealed and will provide for the full amount. Waterford has committed to provide the funds if the appeal fails.

regulatory community update

J-57 testing found the T2B reservoir water-wet (~3,600 bbl/day of water), probably due to a fault seal; the T2A flowed slowly. The well will be plugged. A new US$3m prepayment will fund J-60 and a J-53 side-track in the second half of 2019.

drilling result

Holders of all five promissory notes agree to extend repayment from 1 July 2018 to 1 July 2020, other terms unchanged. This removes the near-term maturity on the roughly US$46m debt and gives time to find development funding.

debt financing

Production restarted: J-51 flowed from 28 September 2017 and ~460 tonnes (~3,200 barrels) were sold at about US$19.60/bbl, with a US$323,000 prepayment. J-52 opened 28 October; Well 19 follows. Debt is US$41.2m; AIM delisting is complete.

quarterly activities report

Ministry signed Addendum 8 on 10 July 2017, approving the 2017-2019 work program and trial licences to 29 Dec 2019. A new US$5m funding agreement (15%, due 31 July 2019) is signed with Waterford and Midocean. Restart expected Q4 2017; AIM listing to be cancelled.

quarterly activities report

March quarter: the Akkar North reserves dispute with MMG is resolved in Jupiter's favour, clearing a path to return J-50 to production. An oil sales framework agreement is signed with an Aktau trader. Debt is US$37.7m; added Waterford funding is under discussion.

quarterly activities report

Ministry of Energy extends the Block 31 exploration licence three years to 29 December 2019 (Addendum 7), instead of the four years to 2020 applied for. A further year is possible if the company takes extra acreage. Trial production licences still need renewing; restart targeted early 2017.

regulatory community update

US$20.8m of convertible notes (US$15.5m plus interest) and Waterford's US$9.9m note are rolled into promissory notes repayable 1 July 2018 at 15%, unsecured. This replaces the convertible notes, which were due 20 Sep 2016. A new US$5m Waterford facility funds the company to at least 30 June 2017. Total debt is US$30.76m.

debt financing

Half-year to Dec 2015: no production or revenue, loss A$7.73m (A$5.47m a year earlier), cash just A$299,985. Equity fell to A$7.9m from A$41.7m at June 2015, which the report attributes to the tenge revaluation and weaker Australian dollar.

half year report

Jupiter received a further US$1m under the 30 April 2015 Waterford framework, which allows up to US$10m of promissory notes; US$7.35m is now drawn. The October 2014 note (US$5.35m with interest) was rolled into a new Series B note. Management says funding covers calendar 2015.

debt financing

Well 19 testing found hydrocarbons, but a perforating-gun malfunction perforated only 6.3m of the planned 47.7m (~13%), and skin damage gave poor inflow. It needs re-perforating and acid stimulation once funded. Cash is ~A$2m, and a debt package is being negotiated.

well test result

Well 19 reached 3,068m, with logs showing hydrocarbons: ~84.6m net pay in the Mid Triassic T2B and ~10.4m in T2A. It will be briefly tested, then shut in with the other Akkar East wells until domestic oil prices recover.

drilling result

Jupiter will shut in all oil production from 1 March 2015 because domestic prices are uneconomic, cutting running costs ~40% (over US$2m a year). Directors defer fees, and more capital is still needed in Q1. Well 19 reached 3,068m, logging under way.

production update

Well 19 spud on 26 December (text says 2015, evidently a typo for 2014), targeting the mid-Triassic at 3,350m in about 60 days. Starting the well meets all 2014 work commitments under the Block 31 licence contract.

drilling spud

Trial licence extensions for J-51, J-52 and J-53 are proceeding, but J-50's is held pending a reserves-allocation dispute with MangistauMunaiGas over Akkar North (~8 mmbbl on Block 31). J-50 (~22% of recent revenue) shuts 30 Dec if unresolved; legal action is considered.

regulatory community update

Shareholders approved at the 11 Nov 2014 AGM an amendment to the convertible notes: if Jupiter completes a capital raising, the US$1.25 conversion price resets to the raising price, so more shares are issued per note. Waterford and Soyuzneftegas hold some notes.

security holder rights change

The Block 31 exploration licence is extended to 29 December 2016, the second and final extension allowed, giving a 10-year exploration period. Well 19, the first Akkar East production well between J-51 and J-52, is expected to spud in mid-December 2014, funded by the Waterford loan.

regulatory community update

Jupiter took an unsecured US$5m loan from its largest shareholder Waterford (29.5%), at 12% with interest accruing. It is repayable by 30 June 2015 or on a raise of at least US$20m, and Waterford may offset it against a future raising. The funds are for field operations including Well 19.

debt financing

State approved West Zhetybai preliminary reserves of ~27.0 mmbbl C1+C2 (C1 4.0, C2 23.0), well below RES's 61.2 mmbbl in September 2013. It opens the trial production licence process for J-55, J-58 and J-59, but at least two more appraisal wells are needed, subject to funding.

resource reserve update

Jupiter committed to US$6.5m of Series B convertible notes at 12%, convertible at US$1.25, netting US$3.305m after repaying US$3m of Mobile Energy notes and fees. Series A holders converted into Series B, so US$15.5m of notes now accrue interest rather than paying it quarterly.

capital raising announcement

Independent Kazakh-method estimate puts Block 31 C1+C2 reserves at about 102.5 mmbbl, versus 37 mmbbl approved in 2012; Akkar East ~41.2 mmbbl, southern area ~61.2 mmbbl. McDaniel's PRMS report gives mid-Triassic 2P of 19.2 mmbbl. State approval is pending.

resource reserve update

Jupiter issued US$9m of three-year convertible notes at 12%, convertible at US$1.25 (up to 7.2m shares). Waterford, SNG, Weighbridge and Mobile Energy subscribed. Net proceeds are US$5.7m after repaying the US$3m Mobile promissory notes and fees. This follows the earlier loans.

capital raising announcement

Jupiter signed a second unsecured US$3m loan from Mobile Energy, taking the total to US$6m. It carries 15% interest, with repayment by 31 December 2013 or on a US$20m raise. It funds field work including J-59 testing; talks continue on convertible notes or bank debt.

debt financing

J-59 reached 3,191m with ~42.8m net pay in T2B and ~40.4m in T2A. With J-55 and J-58, the company says this separate southern structure may hold up to 30 mmbbl of potential resources. Flow testing of up to 90 days follows.

drilling result

Jupiter signed an unsecured US$3m loan with Mobile Energy, as three US$1m promissory notes at 15% a year. It is repayable 31 December 2013, or earlier if the company raises at least US$20m. Proceeds fund the J-59 well. This is the first new debt since the SNG note converted.

debt financing

Trial production licences for J-51 and J-53 were approved, each for up to 3 years, and J-51 resumes at ~600 bopd. J-55's acid stimulation recovered only ~300 barrels with no stable flow. J-59 spudded on 31 December 2012. J-58 testing starts in January.

regulatory community update

J-58 reached 3,320m in 37 days, ahead of schedule. Logs show 75.6m net pay in the T2B zone and a further ~52m in T2A. It sits on a separate structure from Akkar East, with up to 10 mmbbl pre-drill potential. Up to 90 days of flow testing follows.

drilling result

J-55 reached 3,400m in 55 days; logs show hydrocarbons, with 112m gross reservoir and ~60m net pay in the Mid Triassic. It is mapped as a separate structure from Akkar East. Up to 90 days of flow testing follows; this resolves the J-55 drilling thread.

drilling result

J-55 spudded on 5 August 2012, the final commitment well under the current exploration licence. It targets the southern extension, which may hold up to 10 mmbbl of potential resources. Planned depth is ~3,400m and drilling should take about 60 days.

drilling spud

Soyuzneftegas Capital's US$3.45m convertible note converted into 8,215,000 shares at A$0.40, retiring that debt. Shares on issue rise to 153,377,693. It was approved by shareholders on 14 May and by Kazakhstan on 21 June.

security holder rights change

The rights issue closed with ~65% acceptances (18.85m shares). The 10.19m-share shortfall goes to underwriters Waterford and Soyuzneftegas Capital. The full A$11.61m was raised at A$0.40, taking shares to 145,162,693. GMP Securities was added as joint broker.

capital raising announcement

Jupiter launched a fully underwritten 1-for-4 entitlement issue at A$0.40 to raise ~A$11.6m, underwritten by Waterford and Soyuzneftegas Capital. Funds mainly go to the J-55 and J-58 wells (A$5m each). This is the capital raising planned for H1 2012; the offer closes 20 July.

capital raising announcement

Kazakhstan's State Reserves Committee approved C1+C2 reserves of ~37 mmbbl for the four wells, versus Senergy's 24 mmbbl 2P (Triassic only); the board cautions the figures are not comparable. The exploration licence is extended to December 2014. J-53's frac hit water, so a workover is planned in Q3.

resource reserve update

Two traders agreed to buy 6,000 tonnes at US$400/tonne (~US$58/barrel), fully prepaid; US$1.2m is received and US$1.2m is due. Net of ~US$6/barrel transport and storage, ~US$52/barrel versus US$42 earlier, a 22% increase.

material agreement

Trial production has started from J-50 and J-52 under their licences, expected at ~600 bopd combined, trucked to third-party storage. This resolves the long wait; it came in April 2012, later than the end-2011 expectation. J-51 and J-53 licence applications are being prepared.

production update

J-53, the fourth exploration well on Block 31, reached 3,113m after 58 days, with hydrocarbons indicated in the Mid Triassic and 87m gross and 56m net pay. A 90-day flow test follows, and a new reserves report is due in Q2 2012.

drilling result

J-51 is stabilised at 630 bopd on a 9mm choke, above the ~500 bopd expected on 28 November. J-53 was at 1,661m on 20 December. J-50/J-52 production still awaits final flaring permits. An updated reserves submission is planned for late Q1 2012.

production update

J-51 began its 90-day production test at 340 bopd, constrained by rain-damaged roads; about 500 bopd stabilised is expected. Oil is sold to two domestic traders at ~US$42/barrel. J-53 spudded 25 November, targeting up to 10 mmbbl of potential resource at ~3,200m.

production update

Jupiter's 115,863,487 shares were admitted to London's AIM on 9 November 2011 under JPRL, alongside the ASX listing. This completes the planned dual listing. J-53 is expected to spud by end November, and J-50/J-52 production before year end.

listing compliance notice

Kazakhstan's Central Development Committee approved Trial Production Licences for J-50 and J-52, ending the long wait, with production expected before end 2011. J-51 shows 83m net pay. A US$3.45m, 15% convertible note from Soyuzneftegas is agreed, and AIM listing is planned.

material agreement

J-51 reached total depth of 3100m on 18 September after 50 days, with hydrocarbons indicated in the Mid Triassic by mud and wireline logs. Casing, stimulation and up to 3 months of flow testing come next. No flow rate yet.

drilling result

J-51, the 2011 commitment well in the Akkar East structure, spudded on 30 July 2011. It targets about 3200m in roughly 60 days and tests the Triassic and Jurassic. It sits 2 km from J-50 and 1.7 km from J-52.

drilling spud

The Ministry of Oil & Gas approved extending Block 31 by 59.29 km2 to 122.68 km2, on the same fiscal terms. Jupiter must shoot 3D seismic there by end 2012, estimated at US$2.4m. This resolves the long-pending extension application.

asset acquisition disposition

The placement closed: 226.5m shares at 4.9c raised about A$11.1m before roughly A$282,000 of costs. J-52 Triassic flow testing is nearly complete, and Z-sand (now confirmed Lower Jurassic) testing is expected in June.

capital raising announcement

Jupiter plans to raise up to A$11.1m by placing up to 226.5m shares at 4.9c to institutions, equal to the prior close. Waterford rises to 29.77%. Funds are for the Block 31 programme, including 3 new wells.

capital raising announcement

J-50's Trial Production Licence is held up: the State Reserves Committee wants a joint production plan, possibly unitisation, with neighbouring Akkar North owner MMG, with no timeline. J-52's reserves report is due Q2 2011 and is not expected to be affected.

regulatory community update

Senergy's independent review lifts Block 31 Middle Triassic 2P reserves from 8.6 to 24.2 million barrels, after the J-50 and J-52 results, with a 9.9 million barrel prospective resource in the south east. Z-sand testing is expected in Q3 2011.

resource reserve update

After acid stimulation, J-52 is cleaning up at 750 bopd from the mid-Triassic and starting a 90-day test. Oil is sold to two local traders at about US$31 per barrel, above J-50's ~US$22.50. It points to better flow rates than J-50.

flow test result

J-52 logs indicate oil in two zones: about 60m net pay in the Mid Triassic (same reservoir that flowed in J-50) and about 5m in the Z Sand. Both cores contained movable oil. Production testing is planned from late January 2011.

drilling result

J-52, the 2010 commitment well southeast of the J-50 discovery, has spudded in Block 31. It targets Jurassic and Middle Triassic reservoirs to about 3200m and should take ~70 days. A workover rig will flow test it if successful.

drilling spud

J-50's three-month test ended 31 August and the well is shut in pending a Trial Production Licence, which will take months. J-51 is postponed, so exploration well J-52 is now the 2010 commitment well, awarded to FracJet and due to spud early November. NWZ 2 test production is expected in November.

drilling scheduled

The A$16.67m raising completed. The rights issue had ~58% acceptance, and Waterford took the shortfall to hold ~27%. Alastair Beardsall and Baltabek Kuandykov join the board; Andrew Childs and Erkin Svanbayev resign. The Almaty office closes by 30 November, consolidating into Aktau; AGM is 15 November.

director officer appointment

JPR plans to raise A$16.67m at 2.7c, well below April's 6.5c. This covers a A$3.59m placement giving Waterford 13%, A$3.91m of loans convertible into 144.8m shares, and a A$9.17m 1-for-3 rights issue underwritten by Waterford. Funds drill J-51 and J-52; Waterford may nominate two directors.

capital raising announcement

An independent review by Reservoir Evaluation Services added 37 mmbo of Triassic P50 resource north of J-50. Block 31 Triassic and Jurassic now total ~80 mmbo, up from 43 mmbo. JPR is in talks with parties about investing in development; J-50 is producing 360 bopd.

resource reserve update

After re-completion and an acid clean-up, J-50 is on its long-term production test at stable ~435 bopd, with peaks above 600 bopd. Sales continue domestically; the test runs to early September, and the Trial Production Licence documents are being prepared. NWZ 2 is being brought onto test.

production update

JPR settled the US$1.975m still owed to Biscra (Block 31 extension advisory fee) with 28.29m shares at 6.5c plus US$320,000 cash. Only A$4.65m of the A$6.5m placement was raised (71.6m shares); JPR says the settlement leaves it in the same position as a full raise.

material agreement

JPR made its first commercial oil sale, 183 barrels from J-50, which is flowing 220 bopd on a 10mm choke. The company says it has moved from explorer to producer; sales are into the domestic market.

production update

J-50 was perforated over 120m and flowed oil to surface during clean-up at an initial rate of about 750 bpd. JPR says the data is limited, with stable rates expected later in the week before a 90-day production test.

flow test result

J-50 net pay was revised up 28% from 43m to 55m in a 120m column, confirmed by an independent third party. Casing is cemented; J-51 turnkey tender opened, with results around 17 June.

resource reserve update

JPR raised A$6.5m by placing 100 million shares at 6.5c, largely with UK and Australian institutions, to bring forward J-51, NWZ 2 testing, infrastructure and new acreage. Initial logs show 43m of net pay in J-50 at a total depth of 3156m.

capital raising announcement

J-50 hit the Middle Triassic reservoir at 2939m, with 18m of oil shows, confirming an oil discovery in the primary target. JPR calls it a pivotal step from explorer to producer; the top came in about 19m low to the published top.

drilling result

JPR raised A$2.25m by placing 50 million shares at 4.5c, mainly with UK institutions. Directors may take up to 3m shares, subject to shareholder approval in March. The board says this is enough to bring NWZ 2 and J-50 into trial production.

capital raising announcement

Independent consultant Senergy puts Block 31 Triassic at 8.6 mmbbls 2P reserves (43% above JPR's 5.995 mmbbls figure) plus 12.2 mmbbls P50 prospective resource. JPR still estimates ~22 mmbbls of Jurassic prospective resource, which is not independently verified.

resource reserve update

SV Akkar, JPR's first new well on Block 31, spudded around 11pm on 29 December 2009, after final sign-off from Kazakh authorities. Weekly progress reports will follow.

drilling spud

David Thorpe becomes Managing Director from 1 January 2010 on a three-year contract at A$32,000 a month. The board will seek approval for 15m performance rights tied to market cap or production milestones. SV Akkar spud has slipped due to weather and site access.

director officer appointment

JPR's consultant lifts Block 31 potential recoverable oil by 50%, from 28 to about 42 mmbbls, after seeing more data (Triassic 20 mmbbls, Jurassic XIII 20 mmbbls). Astra Star Drilling wins the SV Akkar turnkey contract, with spud in about three weeks.

resource reserve update

NWZ 2 re-entry succeeded: oil samples recovered from the Jurassic XIII, with an expected rate of about 400-500 bopd in full production. Testing was limited by weather and surface equipment. SV Akkar is to spud mid December, and a 2010 well is approved on the largest structure.

well test result

The 1-for-1 rights issue at 2c closed oversubscribed once shortfall requests are counted, raising $7.237m. This resolves the funding gap for the Akkar North extension well, now named SV Akkar. The NWZ 2 re-entry is expected to finish in October.

capital raising announcement

JPR signs a fixed-price turnkey contract with Kezbi for the NWZ 2 re-entry on Block 31. The work takes about 70 days, with results expected in November 2009. This follows the August government approvals.

contract award

All government approvals needed to start the NWZ 2 re-entry are received, resolving that pending step. The ministry has also approved the work program for the Akkar North extension well planned for late 2009. Turnkey contract with Kezbi still to be signed.

regulatory community update

JPR lodges a prospectus for a 1-for-1 non-renounceable entitlement issue at 2 cents per share to raise up to about $7.24m, managed by Indian Ocean Capital. It follows the 7.5c placement of May 2008; closes 23 September 2009. Funds target the Akkar N extension well.

capital raising announcement

June 2009 quarter: the Akkar N extension target is upgraded from 3 to 6 mmbbls recoverable, lifting Block 31 potential to over 28 mmbbls (JPR's estimate). NWZ 2 re-entry awaits government approval, with drilling expected late August. The Akkar N extension well is still unfunded.

quarterly activities report

JPR plans to re-enter the old Soviet NWZ 2 well on Block 31 (about US$500,000, said to be fully funded), with a rig by mid-August 2009 and oil expected by November, targeting about 200 bopd. A new Akkar N extension well is planned from Q4 2009, with funding or farm-in still open.

drilling scheduled

March 2009 quarter: 3D results show 4 key Block 31 targets with about 25 mmbbls recoverable potential (JPR's estimate), and over US$450m netback at US$50 oil. JPR is in talks with farm-in partners and the Biscra fee settlement, to fund a 2009 appraisal well.

quarterly activities report

JPR concedes the NWZ purchase is 'just not feasible' with debt and equity markets so hard to access, ending that thread. 3D shooting on Block 31 is finished. JPR is in talks on a third-party farm-in to fund the first well and on settling the Biscra fee.

other

Government approval received for the 25 sq km Block 31 extension (Block 32), resolving the pending application. JPR estimates 22 mmbbls of potential oil across the extended permit (JPR's own estimate); 3D seismic will cover it, with a discovery well targeted before June 2009.

asset acquisition disposition

2008 annual report released. Macquarie and JPR cancelled the exclusive NWZ funding mandate on 26 September after Macquarie reviewed its involvement; the equity meeting is set for 24 October. Ole Udsen's contract will not be renewed and his options are cancelled.

annual report

JPR contracts Dank SIF to shoot 194 sq km of 3D seismic over western Block 31, costing about US$2m (US$1m already paid) from existing cash. Recording to finish by end-December; drilling recommendations due by March 2009. Follows the June 2008 Block 31 settlement.

contract award

NWZ terms renegotiated again: US$17m fixed (US$12m on completion, US$5m two months later), then US$5 per barrel of proven reserves, capped at 12 mmbbls (max US$60m). Nothing more is owed if proven reserves are under 4.5 mmbbls. Notice of Meeting to follow.

material agreement

Revised MoU lets JPR buy 100% of North West Zhetybai, up from 50%, via its Singapore subsidiary. Price is capped at US$50m, with US$28m up front and the rest set by proven reserves. Still needs due diligence, shareholder approval and the debt/equity funding.

material agreement

Indicative terms signed with Macquarie Bank for up to A$50m of debt to help fund the NW Zhetybai purchase: A$12m initially, A$8m more after the work program, and A$30m for development or acquisitions. Subject to due diligence and the A$20m equity raising.

debt financing

MoU to buy 50% of the North West Zhetybai oil field for US$26m, with partner SIF Verniy Activ, targeting 4,000 barrels a day by end-2009. Needs US$32m raised, due diligence and shareholder approval. Follows the earlier oil-field MoU; 3P reserves put at 36m barrels.

asset acquisition disposition

Block 31 settled: JPR now owns 100% of the 100+ sq km Mangistau Basin permit, resolving the delayed purchase begun in 2007. Fully funded 3D seismic starts shortly, with drilling expected in Q1 2009. Block 32 application is progressing.

asset acquisition disposition

Book build completed for a $7.6m placement of 100m shares at 7.5c plus 100m listed options at 0.1c, led by Indian Ocean Capital. Subject to shareholder approval on 21 May; funds the Block 31 acquisition, meeting the A$6m condition.

capital raising announcement

March 2008 quarter: repeats the Block 31 addendum (settle by 30 June, A$6m raise needed) and Block 32 deal. JPR has told Lakes Oil it will not continue in PEP 163, forfeiting its 50% Otway Basin interest, ending that thread. Aims to close an oil-field deal by September.

quarterly activities report

Agreement with Zher Munai and Biskra to seek about 25 sq km extra acreage (Block 32) between Block 31 and the NW Zhetybai field. If granted, JPR pays Biskra US$3.5m. Term up to 270 days from Block 31 settlement.

material agreement

Block 31 deal reworked: an addendum gives JPR until 30 June 2008 to settle, conditional on raising at least A$6m of new equity. JPR pays late penalties (max about US$276k). If it fails, the US$500k deposit is lost. Contradicts the December 'completed' report.

material agreement

First Kazakhstan acquisition, Block 31, completed after shareholder approval and the KazMunaiGas waiver. A non-binding MoU is signed for a significant interest in an existing oil field, completion expected within two months. 3D seismic to start early 2008; management sees potential for 20m barrels.

farm in farm out completion

Binding sale agreement signed for the Mangistau Basin permit (Block 31) with vendor Zher Munai & K, LLP: 16m shares plus US$6m cash. Needs government waiver and shareholder approval at the 15 November AGM; deposit refundable if not completed in 3 months. Seismic planned, drilling likely Q2 2008.

asset acquisition disposition

Andrew Childs joins as non-executive director. Chairman Eddie Smith and director David Quinlivan resign, both on board since early 2005. Geoff Gander becomes Executive Chairman; the board is now Gander, Childs and Erkin Svanbayev (Almaty-based).

director officer appointment

Binding term sheet to buy a two-block, 100+ sq km Mangistau Basin permit in Kazakhstan: 16m JPR shares (deemed 30c, A$4.8m) plus US$6m cash, total US$10m, US$500k deposit. Conditional on government waivers, due diligence and possibly shareholder approval. First deal under the Kazakhstan strategy; 3D seismic planned, drilling early 2008.

asset acquisition disposition

Raising completed: $4.1m in this round, finishing the $4.8m total announced 10 April 2007. Erkin Svanbayev, a Kazakh engineer, joins the board as foreshadowed. Geoff Gander visits Kazakhstan next week to review projects; a specific initial project is to be announced.

capital raising announcement

Board announces a new strategy: buy undervalued small oil-producing assets and exploration acreage in Kazakhstan. Intends to invite Kazakh engineer Erkin Svanbaev to join the board. The 7 June general meeting will vote on the $4.8m raising.

material agreement

March 2007 quarter: FEI could not secure funding, so Jupiter is seeking other buyers for the Malaysian subsidiary. Board will spend no more on PEP 163 and will not take up the PEP 164 option. Cash about $3m.

quarterly activities report

Jupiter plans to raise up to $4.8m through Indian Ocean Capital clients: 17.5m shares at 4c ($700k), 100m shares at 4c with free 8c options ($4m), and 100m options at 0.1c ($100k). The last two need shareholder approval. Aim is an overseas oil and gas project.

capital raising announcement

Jupiter signed a letter of intent to sell its Malaysian biodiesel subsidiary to FEI Resources for A$1m (A$50k a month for five months, A$750k by 21 July 2007; A$50k received). Plant contracts terminated. This ends the biodiesel plan after the withdrawn prospectus.

asset acquisition disposition

Biofuels prospectus withdrawn and the in specie spin-off dropped, as investors preferred the project stay inside Jupiter. Jupiter now needs $40-50m raised through itself before end-2006, with shareholder approval for any placement. This reverses the A$75m spin-off plan.

other

Jupiter Biofuels lodged its prospectus to raise A$75m via 150m shares at 50c, to fund the Kuantan plant, with production planned for April 2008. Spin-off is to be voted at the 10 November AGM, record date 17 November, roughly 1 Biofuels share per 2 Jupiter shares.

capital raising announcement

Biodiesel plant contracts signed: Kuantan lease of about 8.75ha for 30 years, Desmet 250,000tpa plant, SMEC balance-of-plant and Ditali palm oil supply, plus 5-year tax pioneer status. Desmet and SMEC deals depend on Biofuels listing. Raise now A$75m at 50c; meeting delayed to late October.

material agreement

Malaysian regulator MIDA approved a 250,000 tonne-a-year biodiesel plant at Kuantan, on a 30-year, 6-hectare port lease. Jupiter plans to spin off Jupiter Biofuels to shareholders and have it raise A$70m at 50 cents a share, leaving Jupiter holders about 36%.

material agreement

Plans a larger raising: 40 million shares at a minimum of 12.5 cents for $5m, with one free option (8 cents, expiring 31/12/08) per five shares. Subject to shareholder approval at a June meeting; funds are for Jupiter Biofuels and new acquisitions.

capital raising announcement

Placement of 9.5 million shares at 6 cents to raise $570,000 before costs, for working capital. Offered to sophisticated investors and interests associated with Petroleum Ventures; no shareholder approval needed.

capital raising announcement