KEY HIGHLIGHTS:
- Unaudited oil gross sales income (together with VAT) for the Quarter ending 30 September 2024 totalled ~$US1.96m/~$A2.93m (~49,600 barrels of oil).
- Oil gross sales for the Quarter had been all by way of home gross sales channels – to each a significant home refinery and an area mini refinery. There have been no gross sales into the export market in the course of the Quarter.
- The necessary Stage 2 100% gasoline utilisation venture, involving connection into neighbouring infrastructure, is near completion with commissioning of the gasoline pipeline anticipated to happen throughout November 2024.
- The West Zhetybai oilfield transitioned to its Full Industrial Manufacturing license on 01 September 2024.
- The Firm launched its Annual Report on 27 September 2024 and the Discover of Assembly for the 2024 Annual Basic Assembly was dispatched to shareholders on 28 October 2024. The AGM can be held on 29 November 2024.
The Quarter briefly:
In the course of the Quarter, all manufacturing wells operated at anticipated ranges, apart from the J-51 effectively, positioned on the Akkar East subject. This effectively’s manufacturing is at present restricted and, when funding permits, a workover can be carried out on this effectively, with a view to bettering manufacturing.
Wells positioned on the Akkar East and Akkar North (East Block) fields are working below their Full Industrial licences. Oil gross sales from these wells are topic to a month-to-month home quota that’s set by the Kazakh Ministry for Power. Oil produced from these oilfields, exterior this home quota allocation, might be offered by way of different channels, together with into the export market.
The West Zhetybai subject operated below its Preparatory Interval license for the months of July and August 2024 and efficiently transitioned to its Full Industrial Licence on 01 September 2024.
As from 01 September 2024, oil produced on the West Zhetybai subject can also be topic to the month-to-month home quota set by the Kazakh Ministry of Power. Any oil produced from this oilfield, exterior this home quota allocation, can now be offered into each the home and/or export markets.
By way of the validity dates of the Jupiter’s three Manufacturing Licences, these are:
Akkar North (East Block): 05 March 2046
Akkar East: 02 March 2045
West Zhetybai: 01 September 2046
3Q 2024 Oil Gross sales:
In the course of the Quarter, unaudited oil gross sales income (together with VAT) totalled ~$US1.96m (~$A2.93m) primarily based on gross sales of ~49,600 barrels of oil (common value of ~$US39.50/bbl).
Money receipts for the Quarter had been ~$A2.83m. The variance between income recognised and money receipts is because of the timing of the receipt of oil prepayments which are then amortised over one to 2 months of oil deliveries.
Approximate manufacturing of oil, by subject, for the Quarter, was as follows:
- Akkar North (East Block): 10,000 barrels (manufacturing from J-50)
- Akkar East: 26,000 barrels (predominant manufacturing from wells J-52 and 19)
- West Zhetybai: 13,600 barrels (manufacturing from J-58)
Home Oil Gross sales:
Oil gross sales in the course of the Quarter had been made by way of the Joint Enterprise automobile, Jupiter Power Buying and selling LLC. Oil was offered into the Pavlodar refinery and unaudited oil gross sales income (together with VAT) totalled ~$US0.463m (~$A0.691m) primarily based on gross sales of ~10,600 barrels of oil (common value of ~$US43/bbl).
Mini Refinery Oil Gross sales:
In the course of the Quarter, oil that was produced below a Preparatory Interval Licence, not offered into the export market and/or not topic to the home quota allocation set by the Kazakh Ministry of Power, was offered to an area mini refinery.
Unaudited oil gross sales income (together with VAT) totalled ~$US1.5m (~$A2.24m) primarily based on gross sales of ~39,000 barrels of oil (common value of ~$US38.50/bbl).
Export Oil Gross sales:
There have been no gross sales of oil into the export market in the course of the Quarter.
Export oil pricing is linked with the vacation spot to which the oil is routed. Routing, related logistics prices, the low cost to Brent quoted by merchants and the extra Kazakh taxes levied on export oil, meant that for your complete Quarter, the online value obtained for export oil was not engaging when in comparison with out there home gross sales channels. The geopolitical stress within the space was a contributing issue to the low cost to Brent being quoted by merchants.
The Firm continues to watch the export oil pricing system being supplied by merchants and can revert to this gross sales channel when the online value achieved is superior to pricing being supplied through different out there home gross sales channels.
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