You may want to take a look at JPR Jupiter Energy.Announcement...

You may want to take a look at JPR Jupiter Energy.

Announcement today confirms oil find in J53 well, which will most likely add close to 10 million barrels of 2P reserves, with flow test results within a couple of weeks.

They also found 3 oil saturated sands higher in the well in the so-called Z sands section, which may in time add more reserves.

However from a traders point of view, take a look at the map shown in this announcement compared to that in the November presentation. During that time they have had their new seismic on the extention area processed to some degree, because they have now totally redrawn the major fault that runs through the block.

The current Akkar East field with 2P reserves of 24 million barrels (with another 10 million to add on from J53) runs up against this major fault.

As all 3 new prospects in effect now run upto or close to this fault, which then goes south towards the giant Zhetybai field (1 Billion barrels). Therefore it is highly likely that these prospects will be oil bearing as they fall between 2 known fields and oil will have migrated along the fault.

Looks like more info will be released on this with the quarterly report. This could add significantly to the oil reserves of a company that has one of the lowest $ value per barrel of 2P oil anywhere @ $2.

Major re- reating could be underway.

Well worth looking at

LOTM