24th Apr 2014 13:04
LONDON (Alliance News) - Jupiter Energy Ltd Thursday said production was up in its latest quarter but noted that recent devaluations of the Kazakh tenge will affect its sales prices.
The oil exploration and production company with operations in Kazakhstan said it produced 67,800 barrels of oil during the three months ended March 31 rather than 64,000 barrels the previous year generating of roughly USD2.1 million at an average price of USD32 per barrel.
The company said the figures mean that oil sales achieved for the nine months ended March 31 totalled roughly 179,700 barrels, generating sales of USD5.9 million at an average price of USD33 per barrel.
Jupiter Energy said oil sales for the quarter came from its J-50, J-51 and J-52 wells, with a small quantity from its J-53 well before the well was shut in due to the need to install a new electric submersible pump.
The company added that a recent devaluation of the Kazakh tenge by roughly 20% has meant that sales prices will drop to USD27 per barrel on average for some time before returning to an average of USD33 per barrel.
Jupiter Energy said it is ready to start additional testing at its J-59 well, but funding constraints are holding back operations.
The company said it remains focused on completing a financing package to enable it to commence its 2014 programme including drilling the J-59 site and continue its progress towards implementing a Full Field Development plan for its Akkar East Field.
Jupiter Energy shares were down 3.5% to 21.00 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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