Jupiter Energy Limited (ASX: JPR) is advancing its plans for a dual listing on the Astana International Exchange (AIX), a move that prompted the withdrawal of its previously lodged prospectus seeking to raise $A3 million. The company aims to tap into Kazakh equity investment as part of this strategic shift. According to the quarterly update, unaudited oil sales revenue for the quarter ending March 31, 2025, totaled approximately $US1.94 million ($A3.09 million) from sales of around 48,000 barrels of oil. These sales were exclusively through domestic channels, supplying both a major refinery and a local mini refinery, with no export sales recorded during the period. Oil sales to the Pavlodar refinery generated roughly $US0.442 million ($A.704 million) from 10,650 barrels, while sales to a local mini refinery accounted for about $US1.5 million ($A2.39 million) from 38,800 barrels.
Oil production was in line with expectations, with all production wells operating under their Full Commercial licenses. Approximate production by field included 8,900 barrels from Akkar North (East Block), 26,600 barrels from Akkar East, and 12,500 barrels from West Zhetybai. Cash receipts for the quarter amounted to approximately $A2.55 million, differing from recognized revenue due to the timing of oil prepayment amortization. The company is closely monitoring export oil pricing and will resume export sales when pricing is more favorable than domestic options. As of March 31, 2025, Jupiter Energy’s total outstanding debt was $US15.17 million, which remains interest-free until at least December 31, 2026. The company’s unaudited net cash reserves stood at approximately $A2.621 million. They continue to operate under an approved Operations Budget, funded by net revenues from prepaid oil sales, and expect to remain funded at an operational level based on current and forecasted oil production.
