Jupiter Energy granted two well licences

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.

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