Jupiter Energy Q4 Oil Revenue Hits US$1.76m, Plans $4m Share Offer

Quarterly Oil Sales and Production

Jupiter Energy Limited (ASX: JPR) has delivered a solid quarterly performance for the three months ending 31 December 2024, reporting unaudited oil sales revenue of approximately US$1.76 million (A$2.69 million). The company sold around 46,400 barrels of oil exclusively through domestic channels, including a major refinery and a local mini refinery in Kazakhstan. This domestic focus reflects the regulatory environment, where monthly quotas set by the Kazakh Ministry of Energy govern sales volumes.

Production was largely in line with expectations despite regulatory-mandated analysis work on key wells J-50 and J-58, which temporarily impacted output. The company produced roughly 48,400 barrels during the quarter, leaving a modest inventory of 2,000 barrels at year-end, which was subsequently sold in January 2025.

Strategic Gas Utilisation Project Commissioned

November 2024 marked a milestone with the commissioning of Jupiter’s 100% gas utilisation pipeline, connecting the Akkar East and Akkar North oilfields to the gas infrastructure of MangistauMunaiGas (MMG). This project ensures compliance with Kazakhstan’s stringent gas utilisation regulations by enabling the company to transport and sell associated gas, a critical environmental and operational requirement.

The initiative aligns with broader national efforts to reduce carbon emissions and support local communities by optimising associated gas use. Jupiter plans to extend this infrastructure to its West Zhetybai oilfield as drilling progresses, reinforcing its commitment to sustainable operations.

Capital Raising and Corporate Governance

In December 2024, Jupiter Energy lodged a prospectus to raise a minimum of A$3 million, with the option to accept oversubscriptions up to A$4 million. Shares are priced at A$0.03 each, and the capital raise is intended to support ongoing operations and growth initiatives. The company’s cash receipts for the quarter totaled approximately A$3.20 million, reflecting prepaid oil sales that are amortised over subsequent deliveries.

Corporate governance remains robust, with all resolutions passed at the Annual General Meeting held in November 2024. A General Meeting is scheduled for 5 February 2025, with shareholders encouraged to participate online.

Outlook and Operational Stability

Jupiter Energy continues to operate within an approved budget framework, leveraging net revenues from prepaid oil sales to maintain operational funding. With no export sales during the quarter, the company remains vigilant on export pricing dynamics and will pivot to international markets when conditions are favourable.

As of 31 December 2024, Jupiter had approximately 1.28 billion shares on issue and total debt of US$15.67 million, with a recent US$500,000 repayment made post-quarter. The remaining debt is interest-free until at least the end of 2026, providing financial flexibility.

Overall, Jupiter Energy’s quarterly update underscores steady production, strategic infrastructure advancement, and proactive capital management as it navigates Kazakhstan’s evolving energy landscape.