Yeah embarrassing preso really , designed to be vague possibly...

Yeah embarrassing preso really , designed to be vague possibly but still plain sloppy... oil rag report below is a better read ...imo.


29-5-07
Jupiter unveils its next big move…into oil rich
Kazakhstan
As alluded to in early May, having come to the conclusion that there
were less risky and more lucrative opportunities out there than the
slowly emerging biodiesel industry, Jupiter today releases an
investor presentation outlining its next move into the oil and gas
game in Kazakhstan.
The first indications to the market by Jupiter stated that the
company intended to acquire undervalued niche oil production
assets teamed in an appropriate proportion with some
exploration acreage.
Jupiter has been lining its ducks up to make it all happen, inviting a
Kazakh-based engineer with local experience to join the board and
scheduling a meeting of shareholders on Jun 7
to approve a capital raising venture to facilitate
the spending spree. On Apr 10, Jupiter released
details for the placement of 117.5mil shares to
clients of Indian Ocean Capital to raise up to
$4.8mil to pursue its international ambitions.
Jupiter has been aiming to get its hands on
some assets that meet its criteria for less than
the going price in Kazakhstan, which is
currently estimated at around US$10 per barrel
of proven reserves and US$7 per barrel for
anything in the 2P category, and then have the
assets re-rated to model against comparable
western asset valuations.
As a nation, Kazakhstan is a very oil rich part of
the globe for its size, covering just under a third
of the area of Australia, but with proven
reserves of around 30bil bbls oil (estimated
reserves a staggering 60-100bil bbls) compared
to Australia’s 1P tally of 1.4bil bbls. Comprising
40% of its gross domestic product,
Kazakhstan’s annual oil production eclipses
ours, with its average yearly production topping
473mil bbls alongside Australia’s 125mil bbls.
The nation is intent on increasing its oil and
gas export revenue, and has opened itself up to
foreign investment as a means to an end, with a
number of opportunities available for field
remediation and near field exploration. As
foundation near-field projects, Jupiter will
pursue locations around the 300,000BOPD
Tengiz field, the 127,000BOPD Uzen field and
the soon to be in production Kashagan field in
the Caspian Sea.
Eni-operated Kashagan has an ownership
group that features an all-star ensemble cast of
supermajors, including Shell, ExxonMobil,
Total, ConocoPhillips, Inpex and KazMunaiGaz.
The field was discovered in 2000, will cost
around US$29bil to develop, and is expected to
come onstream in Jan 2009 at around
75,000BOPD.
The field was discovered by the Kashagan East-
1 well, which drilled to 5200m and flowed
3774BOPD and 7MMcfd gas during a test.
Kashagan West flowed 3400BOPD in 2001 as
the second discovery well, with Kashagan East-
2 flowing 7400BOPD later that year. The field is
thought to be one of the largest discoveries of
this decade, with around 9-13bil bbls oil
recoverable, and also one of the trickiest to
develop due to the difficulties of extracting oil
in such a harsh climate.
Jupiter was trading up $0.005 at $0.175 on
volumes around 1.7mil in the hours after the
announcement.

Contact
Geoff Gander
Executive Director
Jupiter Energy
Tel: (08) 9322 8222
Mobile: 0417 914 137