30th Apr 2015 10:16
LONDON (Alliance News) - Jupiter Energy Ltd on Thursday said its oil production was sharply lower in the first quarter after the company shut in production at its wells in Kazakhstan due to pressure on pricing in the domestic market.
The company's production in the comparable period a year earlier was 67,800 barrels, generating revenue of USD2.1 million. The production this year generated revenue of USD240,000.
All producing wells for the company have been shut in until domestic pricing in Kazakhstan reaches an economic level, the company said.
Jupiter operates the Akkar and West Zhetybai projects in Kazakhstan.
Shares in Jupiter were untraded Thursday, having last traded at 12.80 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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