The Board of Jupiter Energy Limited believes it would be prudent to keep shareholders updated on progress on a more regular basis as it nears the J-50 well's primary objective. At 1200 hrs on 07 March 2009, the J-50 well was drilling ahead in 216mm hole at 2733mRT. It is believed that the primary objective, the Middle Triassic reservoir
commencing at 2920mRT, should be encountered during this week.
Over the weekend, the J-50 well confirmed the presence of hydrocarbons in the Jurassic-XI sandstone at 2707mRT. The Jurassic-XI formation was intersected on prognosis and hydrocarbon shows indicate the presence of oil saturated rock in the top 3m of the regionally extensive formation.
Earlier drilling by other companies in the nearby area had indicated that the Jurassic-XI formation is present but water saturated and therefore the Jurassic-XI was not promoted by JPR as a potential economic reservoir target for the J-50 well. This hydrocarbon bearing interval in J-50 will be evaluated with electric wireline logs but JPR is currently of the view that a 3m thick interval would not be economic unless the volume of the zone can be
increased with further drilling.
JPR does however believe that Jurassic formations have closure in other parts of the permit and these will be targeted with future wells.
As shareholders are aware, the Middle Triassic reservoir is our target and as outlined above it is hoped to reach 2920mRT this week. The reservoir will then be cored and wireline logs run, as outlined in the Weekly Update Report released on Friday 5 March 2010. Any questions on this announcement should be directed to JPR Managing Director David Thorpe on 0417 984 023.
