Jupiter Energy begins drilling on J-55 well

Jupiter Energy, the Kazakhstan-focused oil exploration and production company, has said its J-55 well began drilling on August 5th.

The well is the second of its two 2012 commitment wells and the final in a five-well commitment program under the current six year exploration licence on the Block 31 permit.

The well is located on the new extension area to the south of the already discovered Akkar East oil accumulation. The company believes that the area being targeted by this well may contain up to 10m barrels of potential resources.

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Core samples are expected to be obtained while drilling, with the well anticipated to take approximately 60 days from spud through to running production casing and temporarily suspending the well.

If successful, the firm will mobilise a smaller and more cost-effective service rig to complete and test the well.

The share price rose 1.79% to 28.50p by 11:58.

NR