Jupiter Energy on the move after J-50 well in Kazakhstan reports more oil shows
Monday, March 15, 2010
Australian listed, Kazakhstan focused oil and gas exploration junior, Jupiter Energy (ASX:JPR) jumped nearly 20% in trading today after the company reported more hydrocarbon shows on the J-50 exploration well.
The well is located on Block 31 – which covers 127 square kilometres - in the Mangistau Basin in south-western Kazakhstan, and is located on trend with three existing producing oil fields. Jupiter Energy has already completed 3D seismic on the western portion of the permit and has successfully re-entered a shut-in well on the permit. J-50 is the first exploration well to be drilled by Jupiter Energy on the block.
Jupiter has been issuing regular updates to the Australian market as the well has progressed towards the primary Middle Triassic target (2920 meters). This morning it confirmed the well had reached 2845 meters, and had encountered hydrocarbon shows between 2798 and 2817 meters (19 meters). Data collected from the 19 meter zone reported “good” oil shows in intermittent tight sandstones, and the first sign of gas.
Jupiter also confirmed that it was now drilling on towards the primary target, which is expected to be reached “this week”. The company added that it may issue more frequent updates, perhaps several per day, as it reaches target depth.
Last week the oil junior reported the presence of hydrocarbons in the Jurassic-XI sandstone (2707 meters) from oil saturated rock in the top three meters of the formation.
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