9 Apr 2010drilling progress report▲ Good
Coring finished with 54.3m of core recovered; 120m of Middle Triassic reservoir intersected as prognosed. J-50 at 3059m drilling to about 3250m total depth.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Apr 2010drilling progress report▲ Good
J-50 at 3030m with 91m of reservoir intersected and hydrocarbon shows in all cores. JPR expects initial flow rates in April, then a 90-day production test.
1 Apr 2010drilling progress report▲ Good
J-50 at 3012m with third core cut; 73m of Middle Triassic reservoir intersected. Next update due 6 April after the Easter break.
29 Mar 2010drilling progress report▲ Good
Second core cut with full recovery and hydrocarbon shows; J-50 drilling at 2990m. 53m of Middle Triassic reservoir now intersected.
26 Mar 2010drilling progress report▲ Good
First of the planned 9m cores from J-50's Middle Triassic (2957-2966.5m) was fully recovered with mobile oil and gas seen. 27.5m of the expected 120m reservoir has been intersected; the well is 100% JPR.
23 Mar 2010drilling result▲ GoodMajor
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.
17 Mar 2010drilling progress report● Neutral
J-50 at 2872m while the bit is changed. The Middle Triassic primary target is still expected this week, with 5m to be drilled, then coring.
16 Mar 2010drilling progress report▲ Good
J-50 reached 2867m. A 6m sandstone at 2855-2861m has good oil shows, and the Triassic A- marker came in 8m high to prognosis. The Middle Triassic primary target is still expected this week.
15 Mar 2010drilling progress report▲ Good
J-50 reached 2845m with more oil shows at 2798-2817m. The Middle Triassic target is expected this week, followed by at least two weeks of coring and logging. Updates may become daily.
12 Mar 2010drilling result▲ Good
Logs from 1200-2778m show a potential oil zone at 2705-2719m in the Jurassic XI, 14m gross (about 12m net). JPR calls it encouraging, ahead of full evaluation after reaching total depth. This is an interim result.
12 Mar 2010drilling progress report▼ Bad
J-50 reached 2778m. A mud pump failure cost about 48 hours, and JPR took the chance to run logs. Chairman Gander acknowledges shareholder frustration at the delay. A general meeting is set for 9 April 2010.
8 Mar 2010drilling result● Neutral
J-50 found oil in the top 3m of the Jurassic XI sandstone at 2707m. JPR thinks a 3m interval is uneconomic unless it can be enlarged with further drilling. The Middle Triassic target at 2920m is still to come.
5 Mar 2010drilling progress report● Neutral
J-50 at 2672m, at the top of the Jurassic sandstones with no oil shows, as expected. The Middle Triassic, forecast about 120m thick and fully oil saturated, is expected within 4-5 days, then coring.
26 Feb 2010drilling progress report● Neutral
J-50 at 2470m. Drilling efficiency improved but metres drilled were below plan, with high winds hampering pipe handling. Weak oil shows were seen in the Jurassic.
19 Feb 2010drilling progress report● Neutral
J-50 reached 2245m after debris was recovered and drilling improved. Target remains the Middle Triassic at about 2920m.
12 Feb 2010drilling progress report▼ Bad
J-50 at 1770m. Two of three cones were lost from the drill bit and several fishing runs recovered most of the debris. Drilling remains slow; weak hydrocarbon shows were noted in the Jurassic.
5 Feb 2010drilling progress report▼ Bad
J-50 reached 1686m, but JPR says drilling performance has been well below expectations after hole deviation and heavy snow. It says the fixed-price turnkey contract limits the immediate financial impact. The J-51 well is planned for early 2H 2010.
29 Jan 2010drilling progress report● Neutral
Report 4 on J-50: drilling at 1551m. Proposed total depth is now stated as 3200-3300m (previously 3100-3300m). Coring of the Triassic target is planned.
22 Jan 2010drilling progress report● Neutral
Report 3 on J-50: drilled to 1207m and 244mm casing run and cemented. The next step is drilling on toward the Middle Triassic target at about 2920m. No new results.
19 Jan 2010resource reserve update▲ GoodMajor
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.
15 Jan 2010drilling progress report● Neutral
Report 2 on J-50: drilled to 1058m, with intermediate casing to be set before the Middle Triassic target at about 2920m. JPR holds 100%. No new results.
8 Jan 2010drilling progress report● Neutral
First weekly report on J-50 (SV Akkar): drilled to 409m with surface casing cemented, rigging up BOPs. The primary Middle Triassic target is at about 2800m, with a planned total depth of 3100-3300m. JPR holds 100%.
31 Dec 2009drilling spud▲ GoodMajor
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.
11 Dec 2009drilling scheduled● Neutral
Astra Star is mobilising the rig, and the SV Akkar spud is now set for about 22 December, slightly later due to a Kazakh holiday. The turnkey contract assumes a 34-day program to 3100m. Both wells are targeted for production testing in early 2Q 2010, about 1,000 bopd combined.
23 Nov 2009resource reserve update▲ GoodMajor
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.
2 Nov 2009drilling progress report● Neutral
Final weekly workover update: cement bond logs run, the plug confirmed, and perforation confirmed for 2916-2950m. The test method was agreed with AGR and Kezbi after several days' review. No flow results yet; the next announcement will give the well status.
26 Oct 2009drilling progress report● Neutral
The rig reached the final plug at 3037m (earlier reported as 3046m), and a new cement plug was set over non-producing perforations. Perforation and production testing of the 2910-2950m Jurassic XIII zone are next, with a test of up to three months.
19 Oct 2009drilling progress report▲ Good
NWZ 2 clean-out passed cement plugs at 2412m and 2500m with casing integrity confirmed, running ahead of expectations. The SV Akkar turnkey tender is released, with a decision expected by mid November. AGR Group is engaged for NWZ 2 reservoir and testing work.
12 Oct 2009drilling progress report▲ Good
The Kezbi workover rig has entered NWZ 2, the 1969 Soviet well that logs showed as a discovery with 30m net sand in the Jurassic XIII. Completion is expected by end October, with weekly updates promised. SV Akkar tender responses are due shortly.
15 Sept 2009drilling progress report● Neutral
Site work has begun on the NWZ 2 re-entry, with drilling expected to start in late September using Kezbi's rig. JPR also engages PM Lucas to specify and tender the Akkar N extension well, with the specification due within a month.