23rd Oct 2014 08:55
LONDON (Alliance News) - Oil explorer and producer Jupiter Energy Ltd said Thursday it has extended its Block 31 exploration licence to December 2016 and it expects to begin drilling at Well 19, its first production well on Akkar East, in December this year.
Well 19 will be drilled in an area of existing C1 reserves, between the J-51 and J-52 wells and if successful, the well will go on trial production immediately. Spudding is expected in mid-December and revenue from oil sales will be used to cover daily production costs in Kazakhstan.
Following the licence extension, Jupiter said it is now working to get approval to extend its trial production licence to the same date.
Jupiter said it is working to arrange financing for its 2015 drilling program and the full development of the Akkar East oil field.
Jupiter Energy shares were up 4.6% at 22.75 pence Thursday morning.
By Ian Edmondson; Copyright 2014 Alliance News Limited. All Rights Reserved.
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