Jupiter Energy said that it is about to sign sales agreements with at least two
local partners as trial production begins from its first wells in
Kazakhstan.
Total daily output from wells J-50 and J-52 is expected to be around 600 barrels of oil a day, which will be transported by tanker to a nearby storage facility.
Licence applications for J-51 and J-53 are “progressing" and will be submitted to the Ministry of Oil & Gas for approval “soon”.
Jupiter added that “The approval process is expected to be completed by the end of this year and the company expects to end 2012 with revenue from four wells on trial production.”
All four wells are part of the Block 31 permit, located in the oil-rich Mangistau Basin, close to the port city of Aktau.
Trial production lasts for up to three years, during which time the oil can be sold into the local market at a discount to the prevailing price of crude.
Jupiter said that it intends to move these wells from trial to full production, and therefore from domestic to higher income export oil sales, before the cut off. It added that “More detail on the plans to move to full production will be released later this year.”
Source - Proactive Investors
(www.steelguru.com)
Total daily output from wells J-50 and J-52 is expected to be around 600 barrels of oil a day, which will be transported by tanker to a nearby storage facility.
Licence applications for J-51 and J-53 are “progressing" and will be submitted to the Ministry of Oil & Gas for approval “soon”.
Jupiter added that “The approval process is expected to be completed by the end of this year and the company expects to end 2012 with revenue from four wells on trial production.”
All four wells are part of the Block 31 permit, located in the oil-rich Mangistau Basin, close to the port city of Aktau.
Trial production lasts for up to three years, during which time the oil can be sold into the local market at a discount to the prevailing price of crude.
Jupiter said that it intends to move these wells from trial to full production, and therefore from domestic to higher income export oil sales, before the cut off. It added that “More detail on the plans to move to full production will be released later this year.”
Source - Proactive Investors
(www.steelguru.com)
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