oil barrel presentation

* 6 wells drilled and all were discoveries.
* 7th well (J59) should reach TD this week
* Currently producing 900 BOPD from just 3 wells (expect 2000 BOPD Q2)
* 4th well on workover but expect production from it this month
* Expect to start trial production of Southern block wells in Q1 and Q2
* Expect to go into H2 with at least 7 wells in production (maybe 8 or 9)
* Plan to go from trial production to full field development to export.
* Wells 50,51,52,53, 55, 58 and looks like 59 as well, produce from Mid Triassic T2B zone. In Southern block wells, T2A is a lot thicker and has better prospectivity. Hopeful they will produce from both zones. Perhaps we will have better production out of the wells from the Southern structure.
* Senergy CPR of May 2011 gave 2P reserves of 24.2mb (from 2 wells)
* Kazakh authorities estimate 2P reserves now at 37mb (from 4 wells). They re-estimate after each drill.
* New CPR expected March to include wells 55 and 58
* A further CPR update to include well 59 one month later
* Should exit Q1 with 2000 BOPD (i.e. from April onwards)
* J51 producing 315 BOPD but capable of 600. Current trader can’t take any more capacity so are getting a 2nd trader on board.
* J52 producing 310 BOPD but capable of 400.
* J55 and J58 results this month and next month.
* J59 logging should be completed this month.
* Currently putting funding in place to build infrastructure (full field development, then export)
* Ultimate development plan is 14 wells in Akkar East and 12 wells in Southern Block but whether JPRL or a bigger company take it to this stage is a moot point. What normally happens is you get to a certain stage and then you get a tap on the shoulder.


Very professional presentation and strong hint that the end game may be a take-over but target now is to get business to positive cash flow. J59 TD this week so news soon. J55/58 stabilised flow results soon. Intrigued to see the production from T2A and T2B in these Southern Block wells. Remember J58 had 75.6m net pay in T2B and 52m net pay in T2A. Updated CPR with reserves report in March.

Opinion only, DYOR