weekly update

29 January 2010
Weekly Drilling Update on J-50 Exploration Well (SV Akkar)
The Board of Jupiter Energy Limited (ASX: JPR) is pleased to provide its weekly
update report on the drilling of the J-50 Exploration Well (referred to in previous
announcements as SV Akkar).
J-50 reaches 1551m in 216mm hole before drilling ahead to core the
primary Middle Triassic target.
1. Well Name / Permit: J-50, Block 31, Mangistau, Kazakhstan
2. Reporting Period: The period to 1200hrs 28 January 2010 (GMT +5)
3. ASX Release Time and
Date:
0700 hrs 29 January 2010
4. Report No: 4
5. Spud Date: 2330hrs, 29 December 2009 (GMT +5)
6. Rig: Astra Star Rig #1 (Turnkey Contract)
7. Days Since Spud: 29.52
8. Location of Well: Latitude: 43?46'43.8" N
Longitude: 51?50'0.78" E WGS 84
9. Elevation: G.L. 145m MSL
R.T. 150.5m MSL
10. Proposed Depth: 3200 - 3300 metres
11. Target(s): Primary Objective: Middle Triassic at approximately
2920mRT.
Secondary Objective: Nil
12. Present Depth: At 1200hrs 28 January 2010 (GMT +5) depth was
1551mRT.
13. Current Geological
Section:
Lower Cretaceous dolomites and limestone.
14. Operations since last
Report:
Changed out and tested BOP. Installed surface
equipment. Made up 216mm BHA. Ran in hole.
Drilled out cement. Conducted FIT. Drilled 216mm
hole to 1507mRT. Conducted wiper trip, pulled out
of hole and retrieved survey tool. Drilled 216mm
hole to 1532mRT.
15. Current Operations: At 1200 hrs 28 January 2010 (GMT +5), current
activity was drilling ahead in 216mm hole section at
1551mRT.
16. Future Operations: Drill 216mm hole to 2500m and run intermediate
wireline logs. Drill ahead to core point in reservoir,
cut 18m core.
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