Jupiter Energy Reports Q2 Oil Revenue of US$2.18m from 42,000 Barrels

Steady Domestic Oil Sales with No Export Activity

Jupiter Energy Limited (ASX:JPR) reported unaudited oil sales revenue of approximately US$2.183 million (A$3.178 million) for the quarter ended 30 June 2026. The company sold around 42,000 barrels of oil entirely through domestic channels in Kazakhstan, with no export sales during the period. Sales were made to major domestic refineries in Pavlodar and Atyrau via joint ventures, as well as to a local mini refinery.

Oil sold through the joint ventures accounted for about 32,000 barrels at an average price of US$56 per barrel, generating US$1.785 million (A$2.597 million) in revenue including VAT. Jupiter bore all storage and transportation costs for these sales. The remaining 10,000 barrels were sold directly at the wellhead to the mini refinery at a lower average price of US$40 per barrel, with no associated logistics costs for Jupiter.

Production Aligned with Expectations Amid Regulatory Quotas

Production during the quarter was consistent with company forecasts, with all wells operating under full commercial licences. The three key oilfields, Akkar North, Akkar East, and West Zhetybai, produced roughly 9,000, 24,000, and 9,000 barrels respectively. Some wells were temporarily shut to complete geophysical studies required for Field Development Plans mandated by the Kazakh Ministry of Energy.

Oil sales are regulated by a monthly domestic quota set by the Ministry. While oil produced beyond this quota can be sold on export markets, Jupiter did not pursue exports in Q2, monitoring pricing formulas to ensure domestic sales remain more favourable after logistics, taxes, and discounts.

Financial Position and Debt Outlook

Cash receipts for the quarter totalled approximately A$2.338 million, with a timing difference between revenue recognition and cash inflows due to prepaid sales amortised over delivery periods. At quarter-end, Jupiter held net cash reserves of about A$0.553 million and total debt of US$14.17 million (approximately A$20.63 million), which remains interest-free until at least 31 December 2026.

The company is operating within an approved budget funded by prepaid oil sales and expects to maintain operational funding based on current and forecast production scenarios. Jupiter continues to make debt repayments as cash flow allows.

Outlook for Third Quarter and Operational Funding

Looking ahead, Jupiter has secured prepaid sales agreements with two joint ventures for all oil produced in July through September, reflecting confidence in firming domestic oil prices. The company remains focused on domestic sales channels but is prepared to return to exports if netbacks improve.

Payments to related parties during the quarter comprised consulting fees to directors Geoff Gander and Alexander Kuzev. Jupiter holds a 100% interest in its Kazakhstan oil licence and continues to comply with ASX disclosure requirements.