Jupiter Energy, a Kazakhstan-focused oil exploration and production company, rose on Tuesday following news that its J-58 well has been completed ahead of schedule and has found oil.
Analysis by independent consulting firm Reservoir Evaluation Services (RES) confirmed some 152.8m of gross reservoir and approximately 75.6m of net pay at the Middle Triassic T2B carbonate reservoir unit, the primary reservoir objective in the well.
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The company said that "the geological indications are consistent with the company's pre-drill expectations that the prospect being targeted by the J-58 well may contain up to 10m barrels (mmbls) of potential resources."
The J-58 well is the company's sixth exploration well on Block 31, Jupiter's 100% owned permit in onshore Kazakhstan just east of the city of Aktau and the Caspian Sea. Open hole logs have been acquired and production casing is now being run in preparation for the ninety day production testing period.
An update on the progress with the initial testing results from well J-55 is expected to be provided to shareholders during December. The J-53 well requires its Trial Production Licence (TPL) to be approved before the workover can be completed and shareholders will be updated on the TPL approval as soon as it is received.
The share price rose 5.6 % to 37.50p by 08:50.
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