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Source: www.gulfoilandgas.com 4/27/2012, Location: Asia
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The Board of Jupiter Energy Limited, the Kazakhstan-focused oil exploration and production company is pleased to provide the following update on operations at Block 31, Kazakhstan.
Trial production of J-50 and J-52 has commenced with a combined daily production rate of an expected 600 barrels of oil per day (bopd); all production is transported by road tanker to a 3rd party processing and storage facility.
Jupiter Energy has entered into agreements with two oil traders for the sale of Jupiter’s oil at the storage facility for a price of $US400/tonne ($US58/barrel). Both oil traders have agreed to 100% prepayment for the aggregated supply of 6,000 tonnes of oil on the basis that each will take 3,000 tonnes; advance payment of $US1.2m has been
received by Jupiter and a further $US1.2m is due next week.
Under the sale arrangements, the cost of transportation from the field and subsequent storage at the facility is being borne by Jupiter. The sale price of $US58/barrel adjusted for the budgeted costs of transportation and storage at $US6/barrel, equates to a net price of $US52/barrel.
When compared on a like for like basis with oil previously sold during the 90-day production testing of the Company’s wells which was collected at the well head by traders, the Company has achieved a 22% increase in revenue per barrel from $US42/barrel to $US52/barrel, with the additional benefit of 100% prepayment.
Commenting on the new sales arrangement Chairman/CEO Geoff Gander said, “We are pleased that we have been able to reach terms for the presale of oil. It provides the oil traders with security of supply and Jupiter Energy with cash to assist in the continued development of Block 31.”
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