Past year: ▼ 50%(1.50c – 3.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 June 2024contract award▲ Good
Tenders for gas pipes and construction of the Stage 2 gas link to MMG's infrastructure have been awarded. Work on the Akkar North (East Block) and Akkar East fields is expected to start the following week. A broker research report is also available.
11 June 2024security holder rights change● Neutral
Jupiter announced that 269,118,106 shares would leave voluntary escrow on 21 June 2024. They were issued on 21 December 2022 when Noteholders converted debt to equity, as approved at the 9 December 2022 AGM.
19 Apr 2024quarterly activities report▲ GoodMajor
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.
19 Mar 2024material agreement▲ GoodMajor
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.
15 Mar 2024half year report● Neutral
Half-year to 31 December 2023: profit A$142,750 versus A$45.16m a year earlier, which included the debt restructure gain. About 113,000 barrels produced, up from 41,200. J-53 and J-55 remain shut in awaiting funding.
13 Feb 2024security holder rights change● Neutral
Deemed issue price of A$0.03 set for 5,666,667 share rights issued to three directors in lieu of 2024 fees, a ~21% premium to the January VWAP. Shares on issue are now 1,273,652,188.
29 Jan 2024investor presentation▲ Good
Webinar slides: plan to drill 2 new wells and remediate 3 existing ones in 2024, lifting output from ~640 to ~1,500 bbl/d by end-2024, and set up a possible asset sale in 2025. Enterprise value A$54m, shares 1.27bn. Company targets, not results.
29 Jan 2024investor presentation● Neutral
Invitation to a 31 January 2024 investor webinar led by Geoff Gander on the reserves increase and plans to significantly raise 2024 production. Administrative notice attaching the presentation.
25 Jan 2024admin correction● Neutral
Correction splitting staff costs (A$402k) from administration costs (A$531k) in the December quarter cash flow report, where they had been combined. Net cash figures are unchanged.
11 Jan 2024resource reserve update▲ GoodMajor
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.
15 Dec 2023security holder rights change● Neutral
538,236,214 shares from the December 2022 debt conversion will leave voluntary escrow on 21 December 2023. That is a large block that becomes freely tradable, ahead of the final escrow tranche.
29 Sept 2023annual report● Neutral
Corporate governance statement and Appendix 4G for the year to 30 June 2023. The Board says it complies with ASX governance principles. Standard compliance document with no new business information.
29 Sept 2023annual report● Neutral
FY2023 annual report: profit A$44.19m, including a A$52.73m debt restructure gain (FY2022: A$11.51m loss). 132,800 barrels produced, up 46%, revenue US$3.8m. Cash A$860,795. Accounts are on a going-concern basis that depends on raising additional cash.
5 Sept 2023admin correction● Neutral
Administrative notice: Computershare's Perth share registry office moves to Level 17, 221 St Georges Terrace from 18 September 2023. No change to phone or postal details. No effect on the business.
5 July 2023director officer appointment● Neutral
Non-executive director Mark Ewing stepped down immediately, citing reduced work commitments. Keith Martens joins as non-executive director; he has 40+ years' experience and was instrumental in discovering Jupiter's Akkar East and West Zhetybai fields.
3 July 2023debt financing▲ GoodMajor
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.
29 June 2023security holder rights change● Neutral
269,118,106 shares issued on 21 Dec 2022 in the debt conversion will leave voluntary escrow on 7 July 2023. The notice was late due to an administrative oversight; release had been due 21 June.
11 Apr 2023production update▲ GoodMajor
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.
16 Mar 2023half year report▲ Good
Half-year to 31 Dec 2022: profit A$45.16m (versus a A$7.33m loss), driven by a A$52.73m gain on the debt restructure. About 41,200 barrels produced, down from 52,200. The profit is an accounting gain from debt written off, not operations.
6 Mar 2023joint venture update▲ GoodMajor
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.
12 Dec 2022material agreement▲ GoodMajor
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.
12 Dec 2022security holder rights change● Neutral
Jupiter lodges the new constitution adopted at the 9 December 2022 AGM, as the listing rules require. The text provided is the document itself; no specific changes are summarised in the cover note.
9 Dec 2022investor presentation● Neutral
AGM slides show proxy results on the ten resolutions, all with over 99% support. They include share issues for the debt conversion: 733.6m to Waterford (up to 62.56% voting power) and 264.6m to Blackbird (up to 21.78%). They also cover a A$5m placement approval and a new constitution.
9 Dec 2022other▲ GoodMajor
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.
26 Oct 2022regulatory community update▲ GoodMajor
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.
4 Oct 2022debt financing▲ GoodMajor
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.
30 Sept 2022annual report▼ Bad
FY2022 annual report: loss A$11.51m (versus a A$61,655 profit), ~91,000 barrels produced, revenue ~US$3.0m, cash A$1.33m. Accounts rest on a going-concern basis predicated on raising cash. Gas utilisation and optimal production are expected in 1Q 2023; amended debt plan under negotiation.
30 Sept 2022other● Neutral
FY2022 corporate governance statement (Appendix 4G): the board says it complied with ASX governance recommendations during the year. It has five directors, one executive and four non-executive, with an Executive Chairman who is also CEO. Administrative; no new business information.
12 Sept 2022material agreement termination▼ BadMajor
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.
26 July 2022contract award▲ GoodMajor
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.
