Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
The Board of Jupiter Energy Limited, the Kazakhstan-focused oil exploration and production company, trading on AIM ("JPRL") and ASX ("JPR"), is pleased to provide the following update on operations at Block 31, Kazakhstan. Trial production of J-50 and J-52 has commenced with a combined daily production rate of an expected ~600 barrels of oil per day (bopd); all production is transported by road tanker to a 3rd party processing and storage facility. Jupiter Energy has entered into agreements with two oil traders for the sale of Jupiter's oil at the storage facility for a price of $US400/tonne (~$US58/barrel). Both oil traders have agreed to 100% prepayment for the aggregated supply of 6,000 tonnes of oil on the basis that each will take 3,000 tonnes; advance payment of $US1.2m has been received by Jupiter and a further $US1.2m is due next week. Under the sale arrangements, the cost of transportation from the field and subsequent storage at the facility is being borne by Jupiter. The sale price of ~$US58/barrel adjusted for the budgeted costs of transportation and storage at ~$US6/barrel, equates to a net price of ~$US52/barrel. When compared on a like for like basis with oil previously sold during the 90-day production testing of the Company's wells which was collected at the well head by traders, the Company has achieved a 22% increase in revenue per barrel from $US42/barrel to $US52/barrel, with the additional benefit of 100% prepayment.
Jupiter Energy secures prepayment plan for oil sales KEY POINTS: · Trial Production from the J-50 and J-52 wells has now commenced. Initial combined production rate is expected to be ~600 bopd. · Contracts signed with two oil traders to purchase Jupiter's produced oil at $US400 per tonne (~$US58/barrel). · Initial production of 6,000 tonnes (3,000 tonnes each) has been sold on a 100% prepaid basis. $US1.2m has been received with further $US1.2m due next week.
http://www.investegate.co.uk/Article.aspx?id=201204270700091721C
Jupiter Energy, the Kazakhstan-focused oil exploration and production company, said trial production of oil had begun at its J-50 and J-52 wells in the country. The news pushed its shares up over 8% in morning trading. Aggregated daily production from the sites was initially expected to be around 600 barrels of oil per day, the firm said. Jupiter is finalising sales agreements with at least two local traders and said it expected to announce details of these contracts shortly.
On the operational side, the company said the drilling results from the Block 31 permit continue to offer encouragement. The J-51 well, like J-50 and J-52 before it, was confirmed as a commercial discovery when the results of the drilling in the second half of last year were analysed. The well was shut in on 4th of February, 2012, and an application will be submitted to the relevant regulatory authorities for the well to be granted a Trial Production Licence. This application will be lodged after the gathering of results from the J-53 well, the company's fourth exploration well. The company said it has received approval for Trial Production Licences for the J-50 and J-52 exploration wells, but the company still needs to jump through a few regulatory hoops before it can start production. "Whilst the delays in the granting of the requisite approvals to commence production have been frustrating, the goal of developing Jupiter Energy into a full cycle E&P [exploration and production] company with a meaningful production profile and sizeable 2P reserves base remains on track," the company statement said.
AIM-listed Jupiter Energy said it is making good progress on its evolution from an oil exploration company to a exploration and production firm. The Australia-based but Kazakhstan-focused oil outfit saw its loss before tax narrow to A$2.02m in the six months to December 31st, from A$3.25m the year before. As for the company's top line, it is not yet in a position to earn money from oil sales but seems to be doing OK as an investment house; interest revenue was insignificant at A$0.02m, down from A$0.04m the year before, but the company also booked a A$0.51m paper gain on a financial derivative and a A$0.30m foreign currency gain. Cash and short-term deposits at the end of 2011 stood at A$4.60m, down from A$8.97m a year earlier. Assets increased to A$45.0m (2010: $34.4m) and equity increased to $40.6m (2010: $33.1m).
Will Amstein, an analyst at broker finnCap, said that trading at just 0.37 times core net asset value, Jupiter is among the cheapest stocks in the sector and is the broker's current top pick.
Summary: The changes made at both the Board and Operations level in late 2010 have proved to be extremely beneficial by increasing the efficiency and effectiveness of our in-country operations. The drilling results continue to confirm the prospectivity of the Block 31 permit and whilst the delays in the granting of the requisite approvals to commence production have been frustrating, the goal of developing Jupiter Energy into a full cycle E&P company with a meaningful production profile and sizeable 2P reserves base remains on track.
Operating Results This review covers the 6 months from 1 July 2011 to 31 December 2011 and includes any significant events that have occurred between 1 January 2012 and the release date of this report. Total production for the period was 11,739 barrels with production largely being in November and December 2011. The consolidated loss for the period after income tax was $2,024,051 (2010:$ 3,248,349). At the end of December 2011, cash levels were $4,597,275 (2010: $8,972,820). Assets increased to $45,042,499(2010: $34,412,938) and equity increased to $40,554,781 (2010: $33,083,486).
http://www.investegate.co.uk/Article.aspx?id=201203160700104485Z
Said that its J-51 well was currently producing at 600 barrels of oil per day as production testing continues. Drilling work on J-51 was completed last September, ahead of Jupiter’s November dual listing on the AIM market, and is the third commercial discovery on the company’s 100%-held Block 31 acreage. In 2011 Jupiter said it had hoped to complete the formal production permitting process by the end of 2011 to get the other wells, J-50 and J-52, into production. However, delays at government level have frustrated those efforts for the time being but the company said it was confident of finalising the sign-offs. Jupiter said it was expecting to begin trial production from J-50 and J-52 during the first quarter of 2012. Meanwhile, the flow testing from J-51 and the exploration results of another well, J-53, which is currently being cased and completed, will contribute to a new reserves report for the Akkar East field in the second quarter of 2012.
In Country Situation Unrest in Zhanaozen, a city that is some 200km from Aktau, was reported during December 2011. Jupiter Energy's first concern is for the safety and welfare of our employees and contractors. Whilst the Company has not been affected by the situation, we shall continue to monitor events. Capital Structure and Finances As at 31 December 2011, the Company had 115,862,317 listed shares trading under the ASX ticker "JPR" and AIM ticker "JPRL". The Company had 866,669 unlisted options on issue all expiring on 31 December 2012 with exercise prices ranging between $1.50 and $2.775. The Company also had on issue a total of 2,133,335 unvested Performance Rights. Unaudited cash reserves and receivables from oil sales as at 31 December 2011 totalled approximately US$4.75m. Summary The Board continues to be optimistic about the Company's outlook and looks forward to reporting on the progress of its key activities over the coming months. Commenting on the past few months activities, Jupiter's Chairman and CEO Geoff Gander said, "We continue to meet the operational objectives required to progress the Company into its next phase - that of becoming an oil producer. The early results from the J-53 well are encouraging and we look forward to achieving Trial Production from J-50 and J-52 in the near term. The interpretation of the 3D seismic over the southern extension area has identified several new prospects on Block 31 and we are working towards selecting the final drilling location of the second 2012 Commitment Well."
QUARTERLY UPDATE ON ACTIVITIES FOR THE PERIOD TO 31 DECEMBER 2011 KEY POINTS: · J-51 well produced at stabilised rates of over 600 bopd during 90-day production testing period. · 3D seismic processing and interpretation over new extension area of Block 31 completed. Drilling location for the J-55 well will be identified during the first quarter of 2012. · Company completes listing on London's AIM market. · Drilling of J-53 well completed post reporting period end. Initial independent analysis of open hole logging indicates 87m gross and 56m net pay in Mid Triassic carbonate reservoir unit. · Company expecting Trial Production of J-50 & J-52 wells to begin in first quarter 2012.
Many thanks for the info which has helped a bit. I think it was a zero but can't be sure. It must have been triggered by the rapid rise in SP but it seemed to be regularly in auction rather than just one or 2 short stints. I sold my shares in the end as it had turned sharply down. It was a struggle to sell them - had to do it in two lots using fill or kill orders both times. Not sure what was going on. I'm still not totally sure what being "in auction" actually means though and what the implications to trading are. I get the impression it means trading is only posssible via direct access or fill & kill orders and that there's no way to get a quote. But if anyone can correct me or knows more please let me know. Thanks again for your help.
Given the profit per barrel currently being achieved, is less than the amount to make the field commercially viable
Not sure about your L2 question as I dont have L2 - will wait till I retire! is it a zero or an 'o' - could it be an 'o' - meaning the auction is open ?...not sure sorry.
is this what your looking for "Q.: What are Stock Auctions? A: Share auctions are relevant to Direct Market Access trading. The opening auction is held between 7.50 and 8.00 and the closing auction takes place between 16:30 and 16.35. There can also be an auction during a trading day for various other reasons like a share going in auction for 5 minutes( can be less or more) if it has moved by more than 10% within a certain timeframe - the idea is to stabilize the price a bit. Note that the closing auction occurs in SETs stocks which are order driven. Between 16.20 and 16.30 the system will constantly compute every shares Volume Weighted Average Price (VWAP) which can used as the closing price of the day. The VWAP is used as with certain illiquid stocks small trades at the end of the day can manipulate the closing price. The auction then begins at 16.30 and further helps to prevent manipulation of share prices in highly illiquid stocks. At this point trades and orders can still be entered into the system and can be changed or deleted whilst the auction is open. The auction then reaches a random end point with the system calculating the uncrossing price with buy and sell orders (that are at best) being matched (same happens for buy and sell limits). Of course there is nothing preventing you from placing a limit order above or below the true price (the last trades or the VWAP). In such cases your order will be filled depending on the other orders in the auction."
thinksmart - yes I missed it - was nightshift lastnight - I stayed up to see the marked open but was rather blurry eyed then went for a kip.
Guys, can anyone help my learning. WHat does it mean when there's a RED highlighted 0 next to the word Auction on Level 2 (just as there is right now on JPRL). Does that mean the shares are in "Auction"? I've seen the term used a few times but don't really know what it means. Can anyone explain or maybe point me to a link where I can read up abou tthe meaning of thsi "Auction" concept? I've got some vague idea of what it COULD mean but I'd like to make sure I understand correctly. Many thanks in advance.
Gosh you are usually the king of copy & pasting the RNSs! It was already up before opening and virtually impossible to get a quote on. I had a failed fill or kill order and finally got in far too late really, so don't beat yourself up over missing the RNS. Hope you're right about there being more to come. Good luck to all :-)
Damn - I missed this RNS first thing - probably wouldnt have been able to buy in anyway - looks good with more to come
Results from the slightly shallower Z-Sand indicate three oil saturated sands which also look encouraging. Further analysis of this zone will be carried out with testing considered at a later date.
J-53 DRILLING UPDATE KEY POINTS: · Well J-53 has reached its final depth; mud logs, core and open hole wireline logs indicate hydrocarbons in the Mid Triassic horizon · Initial analysis indicates 87m gross and 56m net pay in Mid Triassic carbonate reservoir unit · J-53 is being prepared to run production casing to allow for a period of up to ninety days of flow testing from the Mid Triassic