Past year: ▼ 50%(1.50c – 3.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Sept 2013capital raising announcement● NeutralMajor
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.
16 Sept 2013other● Neutral
Jupiter's shares are cleared for listing on the Kazakh Stock Exchange, alongside ASX and AIM. The chairman says it should make the company more accessible to Kazakh investors.
11 Sept 2013resource reserve update▲ GoodMajor
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.
31 May 2013capital raising announcement● NeutralMajor
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.
10 Apr 2013production update▼ Bad
Without J-58, sales are about 1,100 bopd. J-53 (85% water) and J-55 (76% water) remain poor. The independent reserves report is now expected late May, slipped from end-March, with a further update in July if J-59 tests well.
28 Mar 2013debt financing● NeutralMajor
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.
25 Mar 2013investor presentation● Neutral
Notice of a Boardroom Radio webcast operations update by Chairman/CEO Geoff Gander on 25 March 2013. No new information in the announcement itself.
21 Mar 2013production update▲ Good
J-58 is sustaining about 1,300 bopd on its 90-day test, lifting total sales to about 2,700 bopd. Refinery delivery limits eased, with oil now sold through three local traders. This builds on the February J-58 test result; T2A testing follows in late March.
14 Mar 2013half year report● Neutral
Half-year to 31 December 2012: loss of A$2.79m (prior period A$2.02m), cash A$3.97m, about 77,000 barrels sold at roughly A$43 a barrel. J-53 water problems and J-55's lack of stable natural flow after acid treatment are confirmed.
1 Mar 2013other● Neutral
S&P Dow Jones index notice listing quarterly changes to the S&P/ASX indices. Jupiter is among the additions to the All Ordinaries from 15 March 2013. No company-specific operational news.
28 Feb 2013drilling result▲ GoodMajor
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.
26 Feb 2013production update▲ Good
J-58 flowed ~400 barrels in 8 hours (about 1,200 bopd equivalent) on a small choke, with reservoir pressure 349 atmospheres. J-55 reached up to 200 bopd with a pump. J-53 still needs remedial cementing. J-59 hit 3,191m, with hydrocarbon indications.
7 Feb 2013investor presentation● Neutral
Notice that Jupiter will present at the Oilbarrel Conference in London on 7 February 2013. The slides will be posted on its website. No new information in the announcement itself.
7 Jan 2013debt financing● NeutralMajor
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.
3 Jan 2013regulatory community update▲ GoodMajor
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.
4 Dec 2012drilling result▲ GoodMajor
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.
22 Oct 2012drilling spud● Neutral
J-58, the sixth well, spudded on 21 October 2012, ~3.8km southeast of J-55 and targeting up to 10 mmbbl of potential resources. It is the first well under the licence extension to December 2014. Planned depth ~3,400m, about 60 days to casing.
5 Oct 2012drilling result▲ GoodMajor
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.
26 Sept 2012annual report● Neutral
2012 annual report (year to 30 June). The chairman describes the shift from explorer to producer, with trial production licences for J-50 and J-52. After the rights issue, Waterford holds 29.5% and SNG 19.8%; shares on issue 153,377,693. AGM set for 9 November.
18 Sept 2012investor presentation● Neutral
Updated corporate presentation for a London energy conference. It repeats known facts: J-55 drilling, J-58 planned for mid-October, 24–37 mmbbl reserves, ~153m shares and a market cap of A$76m at A$0.50. No new announcements.
21 Aug 2012material agreement▼ Bad
Jupiter agreed to sell 2,000 tonnes (~14,000 barrels) at US$365/tonne (~US$52/barrel), prepaid at US$730,000. This is 8.25% below the April price, which the company attributes to softer global oil prices. Net of transport and storage, ~US$46/barrel.
6 Aug 2012drilling spud▲ GoodMajor
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.
2 Aug 2012security holder rights change● NeutralMajor
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.
30 July 2012production update▲ Good
J-51 is stable at 600–650 bopd and will be tested until 15 September. J-50/J-52 production was suspended for safety-law modifications; J-52 has resumed and an electric pump goes into J-50 in August. J-51 and J-52 are running at ~1,000 bopd.
25 July 2012capital raising announcement▲ GoodMajor
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.
9 July 2012other● Neutral
Administrative notice that the prospectus and entitlement forms have been sent to qualifying shareholders for the A$0.40 rights issue. No new substance.
26 June 2012capital raising announcement● Neutral
Letter to shareholders restating the A$11.6m, 1-for-4 entitlement issue at A$0.40, the use of funds and the eligible countries. It adds nothing beyond the prospectus already announced.
25 June 2012capital raising announcement● Neutral
Letter to optionholders on the A$11.6m, 1-for-4 entitlement issue at A$0.40. Options carry no participation rights unless exercised before the record date. No new information beyond the prospectus.
25 June 2012capital raising announcement● NeutralMajor
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.
7 June 2012resource reserve update▲ GoodMajor
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.
