Jupiter Energy Limited (ASX: $JPR) Quarterly Update on Activities

Jupiter Energy Limited (ASX: $JPR) has released its quarterly update on activities for the period ending 30 June 2024. The company reported unaudited oil sales revenue of approximately $US2.3m (~A$3.5m) for the quarter, with all sales being made through domestic channels due to poor margins in the export market. The Stage 2 gas utilisation project is progressing, with construction work on the Akkar East and Akkar North (East Block) oilfields expected to be completed by late September 2024. Additionally, the company has applied to transition the West Zhetybai oilfield to a Full Commercial Production licence, with a decision expected before the end of August 2024.

Executive Commentary on Quarterly Activities

The Quarter ending 30 June 2024 saw Jupiter Energy achieve unaudited oil sales revenue of approximately $US2.3m (~A$3.5m) through domestic sales channels. The company's focus on domestic sales was due to poor margins in the export market, influenced by routing restrictions and geopolitical tensions. We are progressing with the Stage 2 gas utilisation project, aiming to complete construction work on the Akkar East and Akkar North (East Block) oilfields by late September 2024. Furthermore, we have submitted an application to transition the West Zhetybai oilfield to a Full Commercial Production licence, and we anticipate a decision on this application before the end of August 2024.

Summary of Quarterly Update

Jupiter Energy's quarterly update highlights its focus on domestic oil sales due to poor export market margins. The company reported unaudited oil sales revenue of approximately $US2.3m (~A$3.5m) for the quarter, with all sales being made through domestic channels. Progress on the Stage 2 gas utilisation project is underway, with construction work on the Akkar East and Akkar North (East Block) oilfields expected to be completed by late September 2024. Additionally, the company has applied to transition the West Zhetybai oilfield to a Full Commercial Production licence, with a decision expected before the end of August 2024. Jupiter Energy continues to review the appropriate timing to commence drilling its next well and is in discussions with various parties regarding funding options. The company remains focused on increasing production and is pleased to be involved in initiatives that benefit local communities and contribute to Kazakhstan's commitment to be carbon neutral in the coming decades.