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http://www.investegate.co.uk/Article.aspx?id=201201250700141201W
The Board of Jupiter Energy Limited (ASX: JPR) ("Jupiter" or the "Company") is pleased to advise that after the completion of a range of pressure tests and collection of bottom hole oil samples for Pressure, Volume and Temperature (PVT) analysis, the J-51 well has now been flowed on a range of choke sizes to establish a stabilised flow rate. The well is currently producing on a 9mm choke at a stabilised rate of 630 barrels of oil per day (bopd). Flow rates in recent days have also included 164 bopd on a 3mm choke and 440 bopd on 6mm choke. A range of data has also been collected over the past two weeks and will be used to prepare an updated reserve estimate as part of a submission to the State Reserves Committee which will be lodged after the gathering of results from the J-53 exploration well, currently being drilled. This reserves report is scheduled for lodgement late in the first quarter of 2012. Oil from J-51 continues to be sold into the domestic market at a price of approximately US$42 per barrel at the well head with all transport and logistics costs being borne by the buyer. All the necessary heating equipment is in place to ensure the smooth production and storage of oil prior to sale to the trading company. The Company intends to run a full 90-day production test on the J-51 mid-Triassic reservoir, the maximum period allowed by the Government.
Operations update for Block 31 Highlights: · J-51 well producing at a stabilised flow rate of 630 bopd on a 9mm choke from the mid-Triassic reservoir. · Oil being sold into the domestic market. · Drilling of J-53 well is on schedule. · Final environmental approvals for commencing J-50 and J-52 trial production near completion. · Unrest in Zhanaozen has not impacted Aktau operations.
http://www.investegate.co.uk/Article.aspx?id=201112210700143965U
Evolution analyst Keith Morris said: “The current share price is asubstantial discount to our target price of A$1.06 (70p/share), which is based on 2P reserves only.” http://www.proactiveinvestors.co.uk/companies/news/35354/jupiter-energy-joins-aim-with-a-busy-schedule-in-kazakhstan-35354.html
The second well to be drilled in 2012 (J-55), which is likely to be spudded after the company has raised funds, will be drilled on this new extension area. ------------------------------------------------------------------------------------------------------ Not to sure ........Just dont like the sound of "after the company has raised funds" ? Are they looking to private investment or dilute share price in future times??
been watching for a while, i have been looking into kazakhstan what do you reckon on this lot