Jupiter Energy Limited (ASX: JPR) has announced that its Placement Offer, initially launched on 11 December 2024, will not proceed as the company was unable to satisfy all offer conditions, including the minimum subscription amount of $3 million, by the closing date of 3 March 2025. As a result, the Placement Prospectus will lapse on 11 March 2025. In accordance with the Corporations Act 2001 (Cth), all application monies received will be refunded to applicants.
Despite the outcome, Jupiter Energy will continue to explore capital-raising opportunities within Australia. In addition, the company intends to proceed with a potential dual listing on Kazakhstan’s Astana International Exchange (AIX). If the dual listing is completed, Jupiter may seek to raise capital from Kazakh investors.
The company has committed to keeping shareholders informed of any material developments regarding its capital-raising efforts and the potential AIX listing. Director Geoff Gander has confirmed his intention to participate in any future Australian capital raising on the same terms as other investors, subject to shareholder approval under Listing Rule 10.11.
Jupiter Energy is an oil exploration and production company focused on developing its onshore assets in Western Kazakhstan. The company holds 100% of the Block 31 permit, located in the Mangistau Basin, and has discovered three oilfields with estimated 2P recoverable reserves of approximately 36.5 million barrels of oil. It currently produces over 600 barrels of oil per day, selling into both the Kazakh domestic and international export markets.
