25th Feb 2015 10:35
LONDON (Alliance News) - Jupiter Energy Ltd Wednesday said it has completed drilling of Well 19 on Block 31 situated onshore Kazakhstan but said it will shut in the well after it has been tested until it becomes more "economically viable" to begin a trial production.
Jupiter holds a 100% interest in the well and said the well took 53 days to drill, reaching a total depth of 3,068 metres. The company said the drilling operation of the well had performed "in line with expectations."
Open hole logs have now been acquired and production casing is now being run in preparation for a brief period of well testing. Jupiter said the open hole logs show "good levels of oil saturation and porosity, similar to that of the J51 and J52 wells." Well 19 is situated between these two wells.
"Hydrocarbon shows while drilling, mud logging, and subsequent open hole wireline logs all indicated hydrocarbons in the mid-triassic reservoir," said the company.
Jupiter said independent consulting firm Reservoir Evaluation Services LLC has confirmed that there is 99.4 metres of gross reservoir and around 84.6 metres of net pay at the mid-triassic T2B reservoir, which is the primary target for the well, it said.
In addition, Reservior Evaluation confirmed there is an additional 15.4 metres of gross reservoir and around 10.4 metres of net pay at the mid-triassic T2A reservoir.
Jupiter will now cement the production casing and complete a brief well test to evaluate the properties of the reservoirs before shutting the well in until domestic oil processes make trial production operations "economically viable", it said.
Jupiter shares were up 3.4% to 15.00 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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