Jupiter Energy (ASX: JPR) has updated shareholders on the future activities for the J-50 well and in particular the key milestones that will be met to ensure the end of drilling operations on J-50 by the end of April 2010.
The well is located on Block 31 – which covers 127 square kilometres - in the Mangistau Basin in south-western Kazakhstan.
After the well is completed and initial flow rates from the well clean up are available, the company will begin production testing and work towards being granted a trial production licence.
It is planned that a Trial Production Licence will be granted during July-August 2010.
After a Trial Production licence has been issued, oil produced from J-50 can be sold into the export market.
Until this time, oil produced during the J-50 production testing phase will be sold into the domestic market.
The J-50 well is expected to reach a planned Total Depth (TD) of 3180mRT by Friday 16 April.
Wireline logs will be run over the weekend of April 17/18 to confirm the net pay of the Middle Triassic reservoir. The company said it will announce the logging results during the week beginning April 20.
Production casing will then be run and cemented later the same week and completion and perforation operations will follow in late April. Flow rates from the well clean up will be available shortly thereafter and the Company will advise the market of these initial rates at that time.
The company said it is also rapidly progressing with its plans to acquire additional acreage and expects to advise on progress within the next week.
Jupiter Energy has recently completed relinquishment of approximately 65 square kilometres of the Block 31 permit that was deemed to be not prospective. The relinquishment has been formally accepted and as a result JPR is now able to seek approval for assignment of new acreage and this process is well underway.
http://www.proactiveinvestors.com.au/companies/news/6442/jupiter-energy-moves-towards-completing-j-50-oil-well-6442.html
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