Block 31
Jupiter Energy Limited holds a 100% interest in an exploration permit (Block 31) located in the Mangistau Basin in South West Kazakhstan. The permit currently covers an area of 123 km2 and is located on trend with three existing producing oil fields that have potential resource in excess of ~52 million barrels of oil (mmbbls). The prospective permit is located within the Zhetybai-Uzen step, adjacent to the Akkar North and North West Zhetybai oilfields. Government records indicate that there has already been production of approximately 6 billion barrels of oil within this region. The Block has had 3D seismic shot over 235 km2 covering all of Block 31 and some surrounding acreage. The Company has completed nine wells on the permit (J-50, J-51, J-52, J-53, J-55, J-57, J-58, J-59 and Well 19). These wells are located on the Akkar North (East Block) oilfield (J-50), Akkar East oilfield (J-51, J-52, J-53, J-57 and Well 19) and the West Zhetybai oilfield (J-55, J-58 and J-59).
Constrained production is currently coming from four wells, 1 located on the Akkar North (East Block) oilfield and 3 on the Akkar East oilfield. The production well located on the West Zhetybai field (J-58) is currently shut in as the Company goes through the approval processes to transition this field to Commercial Production. Production from all 4 producing wells is constrained due to the need for 100% gas utilisation infrastructure to be built and commissioned on these fields. The Company has lodged its detailed Technical Plan to achieve 100% gas utilisation and is expecting for this plan to be approved by the relevant regulatory authorities and for the gas utilisation infrastructure to be operational during 4Q 2022. Once operational and all 5 producing wells are back on optimal levels of production, the Company is expecting to achieve a daily production rate of ~100 tonnes (750 barrels) per day.