Jupiter Energy has tendered a formal application to the Ministry of Energy for a 4 year extension (through to 20 December 2020) to the Exploration Period on Block 31.
The company has now formally signed Addendum 7 to Contract 2275. This confirms that the Ministry of Energy has agreed to a 3 year extension to the Exploration Period, until 2019.
The 3 year licence extension is a positive step forward and will allow the Company to undertake further work on the Akkar East and West Zhetybai oilfields, further de-risking the current State Accepted preliminary oil reserves on both oilfields.
The company must now have its Work Programme (2017-2019) approved by the Kazakh Regulatory Authorities.
As part of the Work Program submission, Trial Production Licences extensions for the Akkar East and West Zhetybai oilfields for the period to 29 December 2019 will also be applied for. Currently the Trial Production Licences approved for the Akkar East and West Zhetybai oilfields both end on 29 December 2016.
The company has opened dialogue with various local oil marketing groups and is focused on looking to recommence oil production in early 2017, assuming the Trial Production Licences are approved for the Akkar East and West Zhetybai oilfields by the end of 2016.
The company will keep shareholders updated on progress with the approval of the 2017-2019 Work Programme and the extension of the Trial Production Licences for the Akkar East and West Zhetybai oilfields.
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/19092016/jupiter-energy-announces-kazakhstan-update-28442/