Past year: ▼ 50%(1.50c – 3.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2021quarterly activities report● Neutral
September quarter: ~31,000 barrels sold for ~US$978,000 (~US$31.50/bbl). West Zhetybai Final Reserves approved and J-58 shut in until 2Q 2022. A joint Akkar North plan with MMG is now with the Ministry of Energy. Strategic review talks now centre on gas utilisation.
30 Sept 2021annual report● Neutral
FY2021 annual report: ~155,000 barrels produced, revenue US$3.386m (~A$4m), a A$61,655 profit (versus a A$42.35m loss), cash A$690,949. Gas utilisation infrastructure is named the key goal; J-58 is shut in awaiting commercial licence approval, expected back by 2Q 2022.
30 Sept 2021debt financing▲ GoodMajor
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.
30 Sept 2021other● Neutral
Corporate governance statement for the year to 30 June 2021: the board says it complied with the ASX principles. Five directors, one executive and four non-executive. Administrative, no new operating or financial information.
16 Sept 2021material agreement▲ GoodMajor
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.
16 July 2021quarterly activities report▲ Good
Cash flow report for the June 2021 quarter: receipts A$1.408m, operating cash flow +A$758k, quarter-end cash A$687k (A$352k prior). A$8.7m is drawn on the 2017 facility, with A$12.6m unused.
16 July 2021production update▲ GoodMajor
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.
26 Apr 2021quarterly activities report● Neutral
March quarter: ~34,000 barrels sold for ~US$867,000 (~US$25.50/bbl); J-50 shut in all quarter. Akkar North field development plan approved, but regulators direct Jupiter to agree a joint development with neighbour MMG, with a single project document due by end-2022. Strategic review ongoing.
6 Apr 2021joint venture update▼ Bad
Strategic Review update: the Q1 2021 target for a preferred path has passed, and the board has yet to receive a detailed, binding offer. Operations continue unchanged. Contradicts the December expectation of a board decision in that quarter.
12 Mar 2021half year report● Neutral
Half-year to 31 December 2020 shows a profit of A$5.6m (versus a A$35.4m loss), helped by a A$9.76m unrealised foreign exchange gain on the promissory notes. Production was ~89,200 barrels (134,000 prior); revenue A$1.94m (A$4.84m prior). The profit is not from operations.
25 Jan 2021quarterly activities report● Neutral
December quarter: ~49,600 barrels sold for ~US$905,000 (~US$18.25/bbl), all domestic. J-50 trial production ended late December; approval to restart under Preparatory Period now expected late Q2 2021. VTB Capital's review continues, focused on funding options.
25 Jan 2021quarterly activities report● Neutral
Cash flow report for the December quarter: receipts A$817k, quarter-end cash A$319k, with A$609k of new borrowings in the quarter. A$7.3m is drawn on the 2017 Funding Agreement (15% interest, repayable 1 July 2022; mostly Waterford), with A$13.4m unused.
22 Dec 2020joint venture update▼ Bad
Jupiter says the VTB Capital Strategic Review will not conclude by year-end; several parties are in talks and a preferred path is expected to go to the board in Q1 2021. J-50 shuts at 29 December licence expiry; approvals expected to take at least 5 months.
9 Dec 2020resource reserve update▲ GoodMajor
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.
16 Nov 2020director officer appointment● Neutral
Grange Consulting, which has supplied the Company Secretary and CFO roles since April 2018, steps down at the 24 November 2020 AGM. Fernville Group's James Barrie (Company Secretary) and Greg Hammond (CFO) take over; registered office and phone are to change.
9 Nov 2020director officer appointment● Neutral
Non-executive director Phil Warren (on the board since April 2018) will retire at the 24 November 2020 AGM. Mark Ewing, a chartered accountant and deputy chairman of TTA Holdings, joins the board that day.
23 Oct 2020quarterly activities report● Neutral
September quarter: ~39,600 barrels sold for ~US$693,000 (~US$17.50/bbl); Akkar East wells produced only ~2.5 weeks after the 11 September approval. Akkar North reserves report slipped to early November consideration. VTB Capital's strategic review continues.
7 Oct 2020annual report▼ Bad
FY2020 annual report: production ~174,000 barrels (241,000 prior), revenue A$5.63m. The chairman says second-half output fell to just over 40,000 barrels as Akkar East was shut in awaiting approval and domestic prices almost halved. Akkar North is to move to commercial production after December 2020.
1 Oct 2020annual report▼ Bad
Jupiter uses ASIC relief to delay its audited FY2020 accounts and lodges unaudited ones: revenue A$5.63m (A$8.96m prior), loss A$42.4m including a A$32.6m impairment, cash A$139k, and net liabilities of A$67.7m.
1 Oct 2020annual report● Neutral
Corporate governance checklist (Appendix 4G) for the year to 30 June 2020, pointing to the governance statement on the company website. Administrative filing with no new business information.
17 Sept 2020production update● Neutral
Clarifies the 15 September update: final Akkar East approval came 11 September. The three wells are expected at ~30% of capacity, about 135 barrels a day. Akkar North is to move to commercial production in Q1 2021 and West Zhetybai in Q4 2021. West Zhetybai needs at least 2 more wells.
17 Sept 2020price query● Neutral
ASX queried the share price rise from A$0.021 to A$0.105 on 15 September. Jupiter said it knew of no undisclosed information or other explanation, pointing to the same-day operations update, and confirmed Listing Rule compliance. Third such query this year.
15 Sept 2020production update▲ GoodMajor
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.
15 Sept 2020other● Neutral
ASX paused trading in Jupiter shares pending an announcement. Procedural notice with no company information; it relates to the price query lodged the same day.
23 July 2020quarterly activities report● Neutral
June quarter: ~31,700 barrels sold for ~US$463,500 (~US$14/bbl) from J-50 and J-58 only; cash receipts US$694,415. Akkar East wells stay shut awaiting approval, still expected within weeks. VTB Capital strategic review confirmed. Akkar North reserves report due in the September quarter.
21 July 2020material agreement● NeutralMajor
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.
6 May 2020price query● Neutral
Jupiter says the 22-23 April spike (high A$0.345, ~12.5m shares traded) came from ~340 new small holders, apparently day traders following social media tips. It found no company-specific cause. Chairman Geoff Gander sold shares from his super fund on 23 April. Resolves the suspension.
6 May 2020listing compliance notice● Neutral
ASX lifts Jupiter's suspension from the start of trading on 6 May 2020, after the company's announcement on the abnormal trading. Procedural notice only; ends the suspension that began 28 April.
1 May 2020listing compliance notice● Neutral
Jupiter extended its voluntary suspension, as it is still in discussions with authorities and cannot yet explain the April trading. It now expects the suspension to end by 6 May 2020.
28 Apr 2020listing compliance notice▼ BadMajor
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.
