Jupiter Energy Posts US$1.8M Domestic Oil Sales in Q2; Eyes Astana Dual Listing
Jupiter Energy reported steady oil production and US$1.8 million in domestic sales for Q2 2025, while exploring a potential dual listing on Kazakhstan's Astana International Exchange.
- Q2 2025 oil sales revenue of approximately US$1.8 million from ~47,000 barrels
- All oil sales conducted domestically; no exports during the quarter
- Production steady across three Kazakhstan oilfields under full commercial licenses
- Company reviewing potential dual listing on Astana International Exchange
- Total debt of US$15.17 million remains interest-free until end of 2026
Quarterly Production and Sales Overview
Jupiter Energy Limited has delivered a consistent performance in the second quarter of 2025, reporting unaudited oil sales revenue of approximately US$1.8 million. This revenue was generated from the sale of around 47,000 barrels of oil, all sold through domestic channels within Kazakhstan. The company’s production remained in line with expectations, with output sourced from three key oilfields, Akkar North, Akkar East, and West Zhetybai.
Notably, all sales were confined to the domestic market, split between a major refinery in Pavlodar and a local mini refinery. The absence of export sales this quarter reflects the company's strategic choice to prioritise domestic quotas and pricing, while monitoring export market conditions for more favourable terms.
Financial Position and Capital Structure
Jupiter Energy’s cash receipts for the quarter stood at approximately AUD 3.01 million, slightly exceeding recognised revenue due to the timing of prepaid oil deliveries. The company maintains a solid cash reserve position of around AUD 3.23 million as of June 30, 2025. On the liabilities side, total debt remains at about US$15.17 million, with the advantage of being interest-free until at least the end of 2026. A scheduled repayment of US$500,000 is planned for July 2025, which will reduce outstanding debt accordingly.
The company also completed the issuance of shares and share rights in lieu of directors’ fees, increasing the total listed shares to over 1.28 billion. This move reflects ongoing efforts to align management incentives with shareholder interests without impacting cash flow.
Strategic Developments and Governance
Jupiter Energy is actively exploring a potential dual listing on the Astana International Exchange (AIX), which could enhance its access to capital and visibility within Kazakhstan’s financial markets. While discussions are ongoing, no definitive timeline or decisions have been announced, leaving investors keenly awaiting further updates.
On the governance front, the company marked the passing of Non-Executive Director Baltabek Kuandykov in June 2025. The board has indicated no immediate plans to appoint a replacement, suggesting a period of stability and continuity in its current leadership structure.
Outlook
Looking ahead, Jupiter Energy’s operational budget remains supported by prepaid oil sales, and the company expects to maintain funding for ongoing operations under various production scenarios. The focus will likely remain on optimising domestic sales channels while keeping a close eye on export market opportunities and the progress of the potential AIX dual listing.
Bottom Line?
Jupiter Energy’s steady domestic sales and strategic moves hint at cautious growth, with eyes on Kazakhstan’s capital markets and export prospects.
Questions in the middle?
- When will Jupiter Energy make a definitive decision on the Astana International Exchange dual listing?
- What factors are influencing the company’s current avoidance of export oil sales?
- How will the passing of a key director impact corporate governance and strategic direction?
