The Board of Jupiter Energy Limited ("the Company") is pleased to provide an update regarding progress being made on J-52, the Company's 2010 commitment well.
The J-52 well has been drilled to a depth of 2992m in the 49 days since spudding and operational progress has been consistent with the Company drilling plan. While drilling the 8 ˝" hole section, the geological tops have been very close to prognosis and the prospectivity of the well can be summarised as follows:
- Hydrocarbon shows and corresponding gas peaks (C1-C5) have been encountered in sandstones below 2849m.
- 9m of core has been cut and fully recovered from 2855m to 2864m.
- Hydrocarbon shows were evident along the core length.
- Hydrocarbon shows and corresponding gas peaks have now been encountered in the interval from 2987m to 2992m.
The rig is now pulling out of hole at 2992m to cut a 9m core. After cutting and recovering the core, the plan is to drill ahead to total depth of the well at approximately 3100m. The Company then proposes to fully evaluate, through electric wireline logging, the prospective reservoirs.
If electric wireline logs indicate that commercial hydrocarbons might be present in one or more reservoir intervals, the well will be temporarily suspended and the Company will implement plans for production testing of the well using a smaller, more cost effective, service rig.
The Company will continue to release further information on the drilling campaign when matters of material interest occur during the drilling and testing phases.
