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
-
Nvidia's earnings live: stock gains as investors brace for key resultsNvidia's stock opened strongly ahead of its earnings, as analysts question whether Blackwell sales can make up for lost China revenue
-
8 of the best lakeside properties for saleThe best lakeside properties – from a house on the southeastern shore of Loch Lomond, to a 15th-century hall overlooking a lake in King’s Lynn, Norfolk
