LONDON (Alliance News) - Jupiter Energy Ltd said Friday that it had achieved an average production of 638 barrels of oil per day in its fourth quarter, although none from its J-50 well as the company was required to amend its trial production licence after new regulations in Kazakhstan.
Jupiter Energy is an oil exploration and production company with operations in Kazakhstan.
In the quarter ended December 31, 2013, the company produced 51,303 barrels of oil, generating oil sales of USD1.7 million at an average price of USD33 per barrel.
This brings oil sales for the year to USD7.9 million, on the sale of 240,558 barrels of oil at an average price of USD33.
No oil was produced at its J-50 well as the company obtained an amendment to its production licence to address an increased emission level from the well as a result of the installation of an electric submersible pump.
The permit was received in December, and the well returned to production in early January. It is currently producing 240 barrels of oil per day.
Jupiter said it expects to carry out testing of the Jurassic zone identified when drilling the J-59 well after it receives necessary approvals. Following this, it will being drilling at its J-54 exploration well in the East Akkar field.
Shares in the oil exploration company were trading down 7.3% at 23.17 pence Friday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.