JPR Block 31 Resources Upgraded by Independent Review
July 13, 2010
Independent review upgrades Jupiter’s Block 31 resources to 80 million barrels of oil Summary
Block 31 Middle Triassic reserves and resources have been upgraded by 180% to 58 mmbo (million barrels of oil) recoverable following an independent review post the J-50 drilling results.
Jurassic and Triassic recoverable reserves and resources now total 80 mmbo on Block 31.
JPR has entered into discussions with a range of parties regarding investment in the ongoing development of Block 31. The Board of Jupiter Energy Limited (JPR) is pleased to announce that the Company has received notification of a 37 mmbo (million barrels of oil) increase in the P50 recoverable resources of JPR's Block 31 Triassic reservoirs. The additional resources are located north of the successful J-50 well and are the result of an independent review of Block 31, post the drilling of J-50, carried out by Reservoir Evaluation Services LLP (RES). RES are part of the global AGR Group, a provider of services and technologies to the international petroleum industry. The Jurassic and Triassic formations in Block 31 are now estimated to include up to 80 mmbo recoverable reserves and resources, up from the previously announced 43 mmbo. The table below summarises the breakdown of Triassic and Jurassic formations. The total of independently verified Mid Triassic P50 reserves and resources in Block 31 now stands at 58 mmbo recoverable and JPR also maintains an internal assessment of the Jurassic resource of 22 mmbo recoverable. This internal assessment of the Jurassic will be independently verified once JPR has drilled its first Jurassic well, which is expected to occur in 2011. The Company has now commenced discussions with several parties wanting to participate in development of Block 31 and support the growth of the Jupiter Energy business model in Kazakhstan. The Company focus is in accelerating commercialisation of Triassic and Jurassic proven reserves and prospective resources in Block 31. The Company commenced the 90 day production test for J-50 in June 2010 and is continuing the sale of produced hydrocarbons into the domestic market.
Work continues on compilation of the data required to obtain a J-50 Trial Production licence. Long term production rates are being established and the well is currently producing on choke at 360 bopd. JPR Managing Director David Thorpe said “The upgrade in Middle Triassic resources by Reservoir Evaluation Services is very positive. The team of geoscientists and reservoir engineers at RES in Almaty, Kazakhstan have been working with the Jupiter geoscience team during the evaluation of the Block 31, post the drilling of J-50. The additional resources have been mapped on 3D seismic and are located in an area to the north of the J- 50 well. A review of the southern section of Block 31 is now underway and will be presented in due course.
This 37 million barrel incremental increase in resources adds significantly to the potential of Block 31 and has led to increased interest from third parties in being involved in the future growth of Jupiter.” If shareholders have any questions on this announcement, they should direct them to the Company on (08) 9322 8222. ENDS.
Block 31 Middle Triassic reserves and resources have been upgraded by 180% to 58 mmbo (million barrels of oil) recoverable following an independent review post the J-50 drilling results.
Jurassic and Triassic recoverable reserves and resources now total 80 mmbo on Block 31.
JPR has entered into discussions with a range of parties regarding investment in the ongoing development of Block 31. The Board of Jupiter Energy Limited (JPR) is pleased to announce that the Company has received notification of a 37 mmbo (million barrels of oil) increase in the P50 recoverable resources of JPR's Block 31 Triassic reservoirs. The additional resources are located north of the successful J-50 well and are the result of an independent review of Block 31, post the drilling of J-50, carried out by Reservoir Evaluation Services LLP (RES). RES are part of the global AGR Group, a provider of services and technologies to the international petroleum industry. The Jurassic and Triassic formations in Block 31 are now estimated to include up to 80 mmbo recoverable reserves and resources, up from the previously announced 43 mmbo. The table below summarises the breakdown of Triassic and Jurassic formations. The total of independently verified Mid Triassic P50 reserves and resources in Block 31 now stands at 58 mmbo recoverable and JPR also maintains an internal assessment of the Jurassic resource of 22 mmbo recoverable. This internal assessment of the Jurassic will be independently verified once JPR has drilled its first Jurassic well, which is expected to occur in 2011. The Company has now commenced discussions with several parties wanting to participate in development of Block 31 and support the growth of the Jupiter Energy business model in Kazakhstan. The Company focus is in accelerating commercialisation of Triassic and Jurassic proven reserves and prospective resources in Block 31. The Company commenced the 90 day production test for J-50 in June 2010 and is continuing the sale of produced hydrocarbons into the domestic market.
Work continues on compilation of the data required to obtain a J-50 Trial Production licence. Long term production rates are being established and the well is currently producing on choke at 360 bopd. JPR Managing Director David Thorpe said “The upgrade in Middle Triassic resources by Reservoir Evaluation Services is very positive. The team of geoscientists and reservoir engineers at RES in Almaty, Kazakhstan have been working with the Jupiter geoscience team during the evaluation of the Block 31, post the drilling of J-50. The additional resources have been mapped on 3D seismic and are located in an area to the north of the J- 50 well. A review of the southern section of Block 31 is now underway and will be presented in due course.
This 37 million barrel incremental increase in resources adds significantly to the potential of Block 31 and has led to increased interest from third parties in being involved in the future growth of Jupiter.” If shareholders have any questions on this announcement, they should direct them to the Company on (08) 9322 8222. ENDS.
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