18th Oct 2013 10:12
LONDON (Alliance News) - Jupiter Energy Limited Friday said its oil production doubled in its third quarter compared to the previous year, as trial production ramped up in Kazakhstan.
The oil exploration and production company with operations in Kazakhstan said roughly 60,600 barrels of oil was produced during the quarter, compared to approximately 25,700 barrels in the same quarter the previous year.
The company said its trial production J-51 and J-52 wells at its Akkar East site have continued to develop during the quarter and that a further well at the site has now been approved for trial production.
Jupiter said the two producing sites generated domestic oil sales of USD2.0 million at an average price of USD33.30 per barrel at the well head. It said its oil sales target for 2013 remains at USD8.4 million, based on expected sales of roughly 265,000 barrels of oil.
Jupiter Energy shares were down 0.8% to 26.20 pence Friday morning.
By Tom McIvor; [email protected]; @TomMcIvor1
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