weekly drilling update on j-50 exploration wel

8 January 2010
Weekly Drilling Update on J-50 Exploration Well (SV Akkar)
The Board of Jupiter Energy Limited (ASX: JPR) is pleased to provide the first of its
weekly update reports on the drilling of the J-50 Exploration Well (referred to in
previous announcements as SV Akkar).
J-50 reaches 409m prior to drilling ahead and setting intermediate casing
before drilling on to the primary Middle Triassic target at ~2800m.
1. Well Name / Permit: J-50 (SV Akkar), Block 31, Mangistau, Kazakhstan
2. Reporting Period: The period to 1200hrs 07 January 2010 (GMT +5)
3. ASX Release Time and
Date:
0700 hrs 08 January 2010
4. Report No: 1
5. Spud Date: 2330hrs, 29 December 2009 (GMT +5)
6. Rig: Astra Star Rig #1 (Turnkey Contract)
7. Days Since Spud: 8.52
8. Location of Well: Latitude: 4346'43.8" N
Longitude: 5150'0.78" E WGS 84
9. Elevation: G.L. 31m MSL
R.T. 36.5m MSL
10. Proposed Depth: 3100 3300 metres
11. Target(s): Primary: Middle Triassic at approximately 2800m.
12. Present Depth: At 1200hrs 07 January 2010 (GMT +5), 409m.
13. Current Geological
Section:
Paleocene surface carbonate and siltstone.
14. Operations since last
Report:
Spudded well, drilled 394mm hole to 409m. Ran and
cemented 324mm casing. Commenced rigging up
BOPs and surface equipment.
15. Current Operations: At 1200 hrs 07 January 2010 (GMT +5), rigging up
surface equipment prior to pressure testing BOP.
16. Future Operations: Pressure test BOP. Complete surface preparations.
Make up 295mm BHA and run in hole. Drill out
cement and commence drilling next hole section.
17. Well/Prospect
Description:
This well tests the primary Middle Triassic objective
in a structural horst trap immediately on trend with
the oil producing North Akkar field. This location
tests a play with an estimated 20 mmbbl
recoverable mapped within Block 31.
18. Participants in well: Jupiter Energy Limited 100%
If shareholders have any questions on this announcement they should direct
them to JPR Managing Director, David Thorpe, on (08) 9322 8222.
ENDS