Jupiter Energy was on the up after it announced two of its wells in Kazakhstan had been granted trial production licences.
The licences for its J-51 and J-53 wells mean oil can be produced under trial production for a maximum of three years and during this time it will be sold into the domestic market.
The company plans to develop the required infrastructure to move these wells from trial to full production - and therefore from domestic to export oil sales - sooner than this maximum 3 year period.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Jupiter added that trial Production from its J-50 and J-52 wells continued and it expected aggregate production from the Block 31 field during would be around 1,400 barrels of oil per day (bopd) from the J-50, 51, 52 and 53 wells in the first quarter of 2013.
The company's shares were up 2.3% by 1100, following the announcement.
MM
-
RICS: Housing market continues to strengthen but 2025 could be challengingThe latest survey by the Royal Institution of Chartered Surveyors reports a resilient UK housing market, but warns of headwinds next year
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrencyAccording to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
