Past year: ▼ 50%(1.50c – 3.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2013quarterly activities report▼ Bad
March quarter: about 64,000 barrels sold for ~US$2m at ~US$32 a barrel, down from ~US$43.50 last quarter. J-50 is shut in pending a licence amendment after exceeding its gas emissions limit. 2013 sales forecast is US$10m; the reserves report is delayed.
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.
30 Jan 2013quarterly activities report● Neutral
December quarter: oil revenue US$1.83m at ~US$43.50/barrel, from J-50 and J-52 only. J-53 and J-55 completions were delayed by a lack of rigs and cold weather. An updated independent reserves report is due by end of March 2013. J-59 is drilling.
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.
24 Oct 2012quarterly activities report● Neutral
September quarter: ~35,000 barrels sold for ~US$2m, all prepaid. J-50 is flowing ~250 bopd after its pump was installed. J-55 testing is due to start in early November. Trial licence applications for J-51 and J-53 are expected to be approved before year end.
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.
16 July 2012quarterly activities report● Neutral
June quarter: J-50/J-52 trial production sold ~21,500 barrels, all presold at US$400/tonne. J-51 is being retested with extra perforations at ~600 bopd. J-53 workover is expected in Q3. The A$11.6m rights issue is described as securing funding for the rest of the 2012 program.
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.
