KEY HIGHLIGHTS:
- Unaudited oil gross sales income (together with VAT) for the Quarter ending 30 September 2024 totalled ~$US1.96m/~$A2.93m (~49,600 barrels of oil).
- Oil gross sales for the Quarter had been all by way of home gross sales channels – to each a serious home refinery and a neighborhood mini refinery. There have been no gross sales into the export market throughout the Quarter.
- The necessary Stage 2 100% fuel utilisation venture, involving connection into neighbouring infrastructure, is near completion with commissioning of the fuel pipeline anticipated to happen throughout November 2024.
- The West Zhetybai oilfield transitioned to its Full Business Manufacturing license on 01 September 2024.
- The Firm launched its Annual Report on 27 September 2024 and the Discover of Assembly for the 2024 Annual Normal Assembly was dispatched to shareholders on 28 October 2024. The AGM can be held on 29 November 2024.
The Quarter briefly:
Throughout the Quarter, all manufacturing wells operated at anticipated ranges, aside from the J-51 properly, positioned on the Akkar East discipline. This properly’s manufacturing is at the moment restricted and, when funding permits, a workover can be carried out on this properly, with a view to bettering manufacturing.
Wells positioned on the Akkar East and Akkar North (East Block) fields are working underneath their Full Business licences. Oil gross sales from these wells are topic to a month-to-month home quota that’s set by the Kazakh Ministry for Power. Oil produced from these oilfields, exterior this home quota allocation, may be offered by way of different channels, together with into the export market.
The West Zhetybai discipline operated underneath its Preparatory Interval license for the months of July and August 2024 and efficiently transitioned to its Full Business Licence on 01 September 2024.
As from 01 September 2024, oil produced on the West Zhetybai discipline can also be topic to the month-to-month home quota set by the Kazakh Ministry of Power. Any oil produced from this oilfield, exterior this home quota allocation, can now be offered into each the home and/or export markets.
By way of the validity dates of the Jupiter’s three Manufacturing Licences, these are:
Akkar North (East Block): 05 March 2046
Akkar East: 02 March 2045
West Zhetybai: 01 September 2046
3Q 2024 Oil Gross sales:
Throughout the Quarter, unaudited oil gross sales income (together with VAT) totalled ~$US1.96m (~$A2.93m) primarily based on gross sales of ~49,600 barrels of oil (common worth of ~$US39.50/bbl).
Money receipts for the Quarter had been ~$A2.83m. The variance between income recognised and money receipts is as a result of timing of the receipt of oil prepayments which are then amortised over one to 2 months of oil deliveries.
Approximate manufacturing of oil, by discipline, for the Quarter, was as follows:
- Akkar North (East Block): 10,000 barrels (manufacturing from J-50)
- Akkar East: 26,000 barrels (predominant manufacturing from wells J-52 and 19)
- West Zhetybai: 13,600 barrels (manufacturing from J-58)
Home Oil Gross sales:
Oil gross sales throughout the Quarter had been made by way of the Joint Enterprise automobile, Jupiter Power Buying and selling LLC. Oil was offered into the Pavlodar refinery and unaudited oil gross sales income (together with VAT) totalled ~$US0.463m (~$A0.691m) primarily based on gross sales of ~10,600 barrels of oil (common worth of ~$US43/bbl).
Mini Refinery Oil Gross sales:
Throughout the Quarter, oil that was produced underneath a Preparatory Interval Licence, not offered into the export market and/or not topic to the home quota allocation set by the Kazakh Ministry of Power, was offered to a neighborhood mini refinery.
Unaudited oil gross sales income (together with VAT) totalled ~$US1.5m (~$A2.24m) primarily based on gross sales of ~39,000 barrels of oil (common worth of ~$US38.50/bbl).
Export Oil Gross sales:
There have been no gross sales of oil into the export market throughout the Quarter.
Export oil pricing is linked with the vacation spot to which the oil is routed. Routing, related logistics prices, the low cost to Brent quoted by merchants and the extra Kazakh taxes levied on export oil, meant that for your complete Quarter, the web worth obtained for export oil was not engaging when in comparison with obtainable home gross sales channels. The geopolitical stress within the space was a contributing issue to the low cost to Brent being quoted by merchants.
The Firm continues to observe the export oil pricing system being supplied by merchants and can revert to this gross sales channel when the web worth achieved is superior to pricing being supplied through different obtainable home gross sales channels.
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