Past year: ▼ 50%(1.50c – 3.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Mar 2015half year report▼ Bad
Half-year to December 2014: revenue was A$3.61m, the loss A$5.47m (A$2.47m a year earlier) and cash A$5.65m, on production of 100,658 barrels. J-50 was shut in from 29 December 2014 and all production was shut in during February 2015 on low domestic oil prices.
25 Feb 2015drilling result▲ GoodMajor
Well 19 reached 3,068m, with logs showing hydrocarbons: ~84.6m net pay in the Mid Triassic T2B and ~10.4m in T2A. It will be briefly tested, then shut in with the other Akkar East wells until domestic oil prices recover.
19 Feb 2015production update▼ BadMajor
Jupiter will shut in all oil production from 1 March 2015 because domestic prices are uneconomic, cutting running costs ~40% (over US$2m a year). Directors defer fees, and more capital is still needed in Q1. Well 19 reached 3,068m, logging under way.
27 Jan 2015quarterly activities report▼ Bad
December quarter: 45,866 barrels sold for ~US$1.53m at ~US$33.40, 509 bopd, down from 609. Well 19 spudded; J-51/52/53 licences extended to Dec 2016 but J-50 still pending. The company warns the sharp oil price fall may push domestic prices under US$15/bbl in 2015.
23 Jan 2015other● Neutral
1.6m convertible notes move from Greenpoint Investments (formerly SNG Investments) to Pebblestone Holdings. The beneficial owner and the terms are unchanged, so this is administrative.
6 Jan 2015security holder rights change● Neutral
Directors' performance rights (2.5m each for Gander, Beardsall and Kuandykov; 575,000 for Mison) expired unvested on 31 Dec 2014. Capital is 153,377,693 shares and 12.4m convertible notes at US$1.25, expiring 20 Sep 2016.
31 Dec 2014director officer appointment● Neutral
Service agreements for Chairman/CEO Gander and CFO Mison were renewed for six months, 1 January to 30 June 2015, with base fees of GBP140,000 (Gander) and A$45,000 (Mison). Their unvested performance rights expired and no new ones were granted.
30 Dec 2014drilling spud▲ GoodMajor
Well 19 spud on 26 December (text says 2015, evidently a typo for 2014), targeting the mid-Triassic at 3,350m in about 60 days. Starting the well meets all 2014 work commitments under the Block 31 licence contract.
28 Nov 2014regulatory community update▼ BadMajor
Trial licence extensions for J-51, J-52 and J-53 are proceeding, but J-50's is held pending a reserves-allocation dispute with MangistauMunaiGas over Akkar North (~8 mmbbl on Block 31). J-50 (~22% of recent revenue) shuts 30 Dec if unresolved; legal action is considered.
25 Nov 2014drilling scheduled● Neutral
Well 19, the Akkar East well between J-51 and J-52, now has its drilling contractor mobilising. Spud is expected mid-December, with about 60 days to reach target depth in the mid-Triassic. It would go straight onto trial production if successful.
17 Nov 2014security holder rights change● NeutralMajor
Shareholders approved at the 11 Nov 2014 AGM an amendment to the convertible notes: if Jupiter completes a capital raising, the US$1.25 conversion price resets to the raising price, so more shares are issued per note. Waterford and Soyuzneftegas hold some notes.
29 Oct 2014quarterly activities report● Neutral
September quarter: 54,792 barrels sold for ~US$1.89m at ~US$34.50, down to 609 bopd from 694. The US$5m Waterford note was received after quarter end. Well 19 is planned for December; J-57 and J-54 are possible 2015 wells if funding is secured.
23 Oct 2014regulatory community update▲ GoodMajor
The Block 31 exploration licence is extended to 29 December 2016, the second and final extension allowed, giving a 10-year exploration period. Well 19, the first Akkar East production well between J-51 and J-52, is expected to spud in mid-December 2014, funded by the Waterford loan.
7 Oct 2014debt financing● NeutralMajor
Jupiter took an unsecured US$5m loan from its largest shareholder Waterford (29.5%), at 12% with interest accruing. It is repayable by 30 June 2015 or on a raise of at least US$20m, and Waterford may offset it against a future raising. The funds are for field operations including Well 19.
23 Sept 2014annual report● Neutral
Annual report to June 2014. The chairman cites slow progress, funding constraints that have limited drilling, and approved reserves of ~64 mmbbl. An eighth well is planned for December, with equity and/or debt financing under review.
23 July 2014quarterly activities report● Neutral
June quarter: 62,460 barrels sold for ~US$2m at ~US$32; FY2014 sales were 247,500 barrels (~US$7.9m). Output fell to 694 bopd on J-50 pump wear. Approved reserves on Block 31 total 64 mmbbl, combining West Zhetybai's 27.0 with Akkar East's 37.
4 July 2014resource reserve update▼ BadMajor
State approved West Zhetybai preliminary reserves of ~27.0 mmbbl C1+C2 (C1 4.0, C2 23.0), well below RES's 61.2 mmbbl in September 2013. It opens the trial production licence process for J-55, J-58 and J-59, but at least two more appraisal wells are needed, subject to funding.
24 Apr 2014quarterly activities report▼ Bad
March quarter: 67,800 barrels sold for ~US$2.15m at ~US$32. Kazakhstan's ~20% tenge devaluation in February cuts April-June pre-sold oil to ~US$27/bbl, with contracts now varied to US dollars. J-59 testing is delayed by funding constraints.
13 Mar 2014half year report● Neutral
Half-year to December 2013: revenue A$3.42m, loss A$2.47m (A$2.79m a year earlier), cash A$2.20m versus A$3.97m. Production ~112,000 barrels. J-54 drilling in 2014 depends on funding.
7 Mar 2014other● Neutral
S&P Dow Jones March 2014 index rebalance notice covering many companies. The visible text does not show Jupiter; the list is truncated, so any effect on Jupiter is not confirmed.
28 Jan 2014quarterly activities report● Neutral
Tenement schedule only: Jupiter held 100% of Block 31 at both 30 September and 31 December 2013, with no interests acquired or disposed of.
17 Jan 2014quarterly activities report● Neutral
December quarter: 51,303 barrels sold for ~US$1.7m at ~US$33. J-53 repaired and back on trial production at ~80 bopd; J-50 back at ~240 bopd in January after its emissions permit. 2013 sales were ~US$7.9m, just under the US$8.4m target. J-55 remedial work awaits funding.
30 Dec 2013director officer appointment● Neutral
Service agreements for Chairman/CEO Geoff Gander (base fee GBP280,000, bonus GBP100,000) and CFO/Company Secretary Scott Mison (A$90,000 for 60% time, bonus up to A$30,000) are renewed for calendar 2014. No change of leadership.
10 Dec 2013other● Neutral
Jupiter has appointed Halyk Finance as market maker, so all agreements are now in place for its shares to trade on the Kazakh Stock Exchange from 10 December 2013. This follows the September 2013 KASE listing approval.
18 Oct 2013quarterly activities report▼ Bad
September quarter: about 60,600 barrels sold for ~US$2.02m at ~US$33.30, all from J-51 and J-52. J-50 is not expected back before January 2014. The J-54 exploration well is deferred to 2014. The 2013 sales target stays US$8.4m.
27 Sept 2013annual report● Neutral
Annual report to 30 June 2013. The chairman highlights the September reserves results (102.5 mmbbl C1+C2 versus 37 mmbbl in 2012) and the KASE listing. Shares on issue remain 153,377,693, with Waterford at 29.5% and SNG at 19.8%.
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.
23 July 2013quarterly activities report▼ Bad
June quarter: about 73,000 barrels sold for ~US$2.36m at ~US$32. J-58's T2A zone added no extra flow, so it was shut in, and the 2013 sales target was cut to US$8.4m from US$10m. J-59 was tested; reserves report due within six weeks.
