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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Jan 2024quarterly activities report▲ Good
December 2023 quarter cash flow: receipts A$2.883m, operating cash flow +A$624k, investing outflow A$487k. US$300k (A$438k) was drawn on the Waterford facility. Cash rose to A$1.264m from A$721k. The drawing was repaid in January 2024.
24 Jan 2024quarterly activities report● Neutral
December 2023 quarter: ~54,000 barrels sold for ~US$1.83m at ~US$34/bbl, all domestic, no exports due to poor pricing. J-51 workover results were below expectations. Next well still needs funding or deferred payment terms. Restates the January reserves upgrade.
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.
22 Nov 2023agm notice● Neutral
All six AGM resolutions were carried on a poll. They include electing Keith Martens, re-electing Alexander Kuzev, share rights for Martens, and a 10% placement capacity approval. This resolves the AGM thread.
22 Nov 2023agm notice● Neutral
AGM slides for 22 November 2023: six resolutions covering the remuneration report, director elections, share rights for Keith Martens and a 10% placement mandate. Proxy support is about 99.97-100% for all. Routine meeting material.
24 Oct 2023quarterly activities report● Neutral
September 2023 quarter: ~59,000 barrels sold for ~US$1.85m at ~US$31/bbl, all domestic with no exports due to poor pricing. J-51 workover is completed and J-58 workover has begun. The next well still needs funding or deferred payment terms.
24 Oct 2023quarterly activities report● Neutral
September 2023 quarter cash flow: receipts A$3.54m, operating cash flow +A$258k, investing outflow A$328k. Cash fell to A$721k from A$862k. The US$5m (A$7.742m) Waterford facility is undrawn.
20 Oct 2023agm notice● Neutral
Access letter for the hybrid AGM on 22 November 2023; proxies due 20 November. The notice will not be posted in paper form. Administrative.
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.
24 July 2023quarterly activities report▲ Good
June 2023 quarter cash flow: receipts A$2.086m, operating cash flow +A$782k, investing outflow A$369k. Cash rose to A$862k from A$450k. The new US$5m Waterford facility (A$7.742m total) is undrawn.
24 July 2023quarterly activities report● Neutral
June 2023 quarter: ~65,000 barrels sold for ~US$2.39m at ~US$37/bbl; output ~640 bbl/d. Export sales were limited (10,900 bbl) due to poor net pricing. J-51 workover is nearly done. The Securities for Fees plan cut debt by ~A$500k. Next well needs extra funding.
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.
29 June 2023agm notice● Neutral
General Meeting slides: five resolutions, all with over 99% proxy support. They cover a Securities for Fees Plan (up to 122,985,012 securities), share rights to Ewing, Kruzhkov and Gander, and 12.5m shares to Sleipnir Technologies. Poll results to follow.
29 May 2023agm notice● Neutral
Sample proxy form for the 29 June 2023 General Meeting, proxies due 27 June. Items include a Securities for Fees Plan, share rights in lieu of fees for three directors, and a share issue under the Gas Utilisation arrangement. Administrative form.
29 May 2023agm notice● Neutral
Text not readable.
29 May 2023agm notice● Neutral
Cover note for a General Meeting on 29 June 2023. Resolutions, if passed, are said to cut balance sheet debt and cash outflows and align participating directors' interests with shareholders. Details are in the notice, not this note.
21 Apr 2023quarterly activities report▼ Bad
Cash flow report for March 2023 quarter: receipts A$755k, operating cash flow -A$335k, investing outflow A$551k. Quarter-end cash fell to A$450k from A$1.371m. A$21.736m drawn on facilities, A$9.551m unused.
21 Apr 2023quarterly activities report▲ Good
March 2023 quarter: ~23,000 barrels sold for ~US$682k. Stage 1 gas utilisation was completed in March, with output now ~675 bbl/d. Domestic-sales JV registered; first export sale in April. Stage 2 gas work has begun.
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.
23 Jan 2023quarterly activities report● Neutral
Cash flow report for December 2022 quarter: receipts A$2.166m, operating cash flow +A$203k, quarter-end cash A$1.371m (from A$1.628m). Notes the debt restructure completed 21 Dec 2022; ~US$6.4m Waterford facility remains available, with draws repaid ahead of the remaining debt.
23 Jan 2023quarterly activities report● Neutral
December 2022 quarter: ~20,000 barrels sold for ~US$556k. Debt restructure approved, leaving ~US$16.57m interest-free to end-2024. J-58 restarted 19 Jan 2023 (constrained); Akkar North shut in 31 Dec pending joint plan. Optimal ~640 bbl/d targeted March 2023.
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.