Jupiter Energy Share News (JPRL)

(ShareCast News) - Oil exploration and production group Jupiter Energy made no sales in the second three months of the year after shutting its producing wells in February.The Australia-based group said the decision to halt its operations was made in the wake of a drastic slump in oil prices, which has seen the price of crude decline from $115 per barrel a year ago to $54 a barrel.With the oil price in Kazakhstan, where most of the company's activities are located, lower than in other regions, Jupiter acknowledged continuing its operations would not be profitable given the current market conditions.In a statement released on Thursday, the oil explorer said it may recommence production in the first quarter of 2016, although it could not guarantee operations will be back underway by then.Jupiter added it plans to wait before reopening its wells even though a 40% reduction in operating costs, which led to annual savings of approximately $2m, has failed to have the desired impact.The suspension of operations will also mean that the trial period for the two wells on the Akkar East block, which was initially thought to run for a short span of time, will be much longer than expected."The challenge facing the company in the short term is that without additional funding, the purchase of the requisite topside equipment cannot proceed," the company said, adding it had sufficient capital for the moment but was considering its options to secure further funds to resume drilling.Jupiter shares were down 5.66% to 12.50p at 1539 BST on Thursday.