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Jupiter Energy
Investor Insight
Jupiter Energy’s strong cash flow, substantial proven recoverable reserves, and strategic foothold in resource-rich Kazakhstan present a compelling investment opportunity. Its commitment to sustainability—reinforced by a recent strategic investment in 100 percent gas utilization infrastructure—further enhances its long-term investor appeal.
Overview
Jupiter Energy Limited (ASX:JPR) is an established oil exploration and production company that operates three oilfields in Kazakhstan. The company is currently producing approximately 600 to 700 barrels of oil per day from its licensed fields, having successfully navigated Kazakhstan’s regulatory and operational landscape since 2008. Its operations are fully compliant, with its three full commercial production licenses secured until 2045/46/46.
Jupiter Energy is recognized as a reliable operator in Kazakhstan, holding 100 percent ownership of its licenses, which span approximately 123 sq km in the oil-rich Mangistau region. Strategically located near the port city of Aktau, its license area benefits from proximity to established oil processing facilities and extensive oil and gas infrastructure, including key pipeline connections to the country’s major refineries (see Figure 1).
The company has successfully navigated regulatory requirements to achieve full commercial production across its three oilfields—Akkar East, Akkar North (East Block), and West Zhetybai—all operating under 25-year commercial licenses. Jupiter’s strong compliance and operational framework reinforce its commitment to long-term, sustainable production in Kazakhstan.
Jupiter Energy’s reserve base has been independently confirmed by a Sproule International competent person’s report (CPR), effective 31 December 2023, detailing significant recoverable reserves.
According to the Sproule International CPR, released in January 2024, Jupiter Energy’s recoverable reserves under the SPE/PRMS classification are as follows:
- 1P Reserves: 14.691 million barrels (mmbbls)
- 2P Reserves: 36.487 mmbbls
- 3P Reserves: 46.796 mmbbls
These figures confirm Jupiter’s substantial reserve base, and correlate with its Kazakh State Approved Reserves which are recorded at approximately 52 mmbbls recoverable (using the GOST C1 + C2 classification methodology) (see Figure 2).
Figure 1: Total reserves for the Mangistau basin are estimated to be in excess of 5 billion barrels including two large oil fields, Uzen and Zhetybai.
On November 15, 2024, Jupiter Energy announced the completion of its gas pipeline integration project, connecting the Akkar East and Akkar North (East Block) oilfields to neighboring gas utilization facilities operated by its larger neighbour, MangistauMunaiGas (MMG). This integration ensures 100 percent utilization of all its associated gas, aligning with Kazakhstan’s environmental goals and enabling the Company to drill further wells whilst continuing to comply with Kazakhstan’s strict 100% gas utilisation policy.
The company plans to connect the West Zhetybai oilfield to this infrastructure as this oilfield is further developed. This project strengthens Jupiter’s relationships with MMG and the Kazakh Ministry of Energy, facilitating long-term production under its commercial licenses and enabling it to sell its oil into both the Kazakh domestic market as well as international oil markets.
Company Highlights
- Operating in Kazakhstan since 2008, with three oilfields under licence. The area is known as Block 36 (formerly Block 31).
- Holds commercial production licenses for all three of its oilfields, valid until 2045/2046/2046.
- Current production is approximately 640 barrels per day from four production wells, with plans to increase to approximately 1,000 barrels per day during 2025, with the drilling of a new production well (assuming success).
- Recent independent after-tax NPV of the oilfields (using a 20 percent discount) of US$180 million. This compares favourably to the Company’s current EV of approximately AU$63.5 million (~US$38 million) – based on a share price of AU$0.03 and balance sheet debt of ~$US15.1m.
- Operates in West Kazakhstan in the Mangistau region, a proven area for Kazakhstan’s oil reserves (see Figure 1).
- The company is cash flow positive at an operational level.
- Key shareholders include long term holders, Waterford (60 percent) and Blackbird Trust (21 percent).
- Jupiter’s recent strategic investment in its onfield gas utilisation infrastructure, signifies its commitment to sustainable operations, contribution to the welfare of the local community and support for Kazakhstan’s longer term commitment to a carbon free operating environment in the oil local industry.
Key Project: Block 36
Figure 2: Outline of Jupiter Energy’s oilfields located on Block 36
Block 36 is Jupiter Energy’s flagship project located in the Mangistau Basin of West Kazakhstan. Covering an area of approximately 123 sq km, it lies in a highly prospective region with proven oil reserves. The company acquired extensive 3D seismic data over the entire block and surrounding areas, totaling 235 sq km, which then enabled the identification of multiple drilling targets. The current reserve base covers 35 sq km, with further exploration targets available for drilling on the licence area, when funding for further exploration wells is available.
Jupiter has drilled nine wells on Block 36, targeting the Akkar North (East Block), Akkar East, and West Zhetybai oilfields (see Figure 3). The current production from Block 36 is approximately 640 barrels of oil per day, with plans to increase output to around 1,000 barrels per day during 2025, assuming success with the drilling of a new production well in 2H 2025. Further increases in production may also come via the workovers of existing wells and the drilling of further new wells, planned from 2025 to 2030.
Figure 3: Well locations on Block 36
At the helm of Jupiter Energy is a highly experienced corporate and technical leadership team, driving the company towards achieving its goals and increasing shareholder value.
Management Team
Geoff Gander - Chairman and CEO
Geoff Gander graduated from the University of Western Australia in 1984, where he completed a Bachelor of Commerce degree. He has been involved in the listing and running of public companies since 1994. He was appointed as a director of Jupiter Energy in January 2005 and he is currently responsible for the overall operational leadership of the company, as well as investor relations and group corporate development.
Baltabek Kuandykov - Non-executive Director
Baltabek Kuandykov is currently the president of Meridian Petroleum, a privately held Kazakh oil & gas company. He was formerly the president of Nelson Resources, an oil development and production company operating in Kazakhstan which was listed on the Toronto Stock Exchange until its acquisition by Lukoil in 2005. Kuandykov has considerable experience in the oil and gas industry in the region, having served as president of Kazakhoil (predecessor of the Kazakh State oil company KazMunaiGas), and is a well-respected consultant to Chevron Overseas Petroleum on CIS projects. He also worked in a senior capacity for Kazneftegazrazvedka and was president of Kazakhstancaspishelf. Kuandykov has extensive government experience in Kazakhstan, having served as deputy minister of geology, head of the oil and gas directorate at the Ministry of Geology, and was deputy minister of energy and fuel resources.
Alexey Kruzhkov - Non-executive Director
Alexey Kruzhkov holds an engineering degree and an MBA with over 10 years’ experience working in the investment industry, focusing primarily on the oil & gas, mining and real estate sectors. He has served as a director on the boards of companies listed in Canada and Norway. He is a member of the executive team of Waterford Finance and Investment Limited. He holds British and Russian citizenship.
Alexander Kuzev - Non-executive Director
Alexander Kuzev is an oil industry professional with over 26 years of experience. Most of his career has been spent working in the Former Soviet Union with much of that time responsible for the overall management of field operations with a focus on production sustainability, technology and field maintenance. He brings an important technical advisory skill set to the Jupiter Energy board, as well as in-country experience, having been involved with various Kazakhstan-based oil and gas operations since the late 1990s.
Keith Martens - Non-executive Director
Keith Martens has over 40 years’ experience as an oil finder and manager around the world. He has served as a technical advisor and consultant to a number of Australian oil & gas companies, and was instrumental in the discovery of Jupiter’s Akkar East and West Zhetybai oil fields when he was consulting to Jupiter Energy between 2007 and 2014. More recently, Martens has been working on the Eastern Margin of the Permian Basin in Texas with Winchester Energy and in the Paradox Basin in Utah and Colorado, as both lead explorationist and non-executive chairman of ASX listed Grand Gulf Energy (ASX:GGE).Sustainable, long-term and profitable oil exploration and production in Kazakhstan – cashflow positive with a proven reserve base
Coelacanth Energy
Investment Insight
Coelacanth Energy presents strong growth potential in the Canadian light oil and natural gas sector with encouraging well test results, a robust infrastructure buildout, and a management team with a track record of repeated success, making it a compelling growth story.
Overview
Coelacanth Energy (TSXV:CEI) is a junior oil and natural gas exploration and development company, focusing primarily on the prolific Montney region in northeastern British Columbia, Canada. With a substantial landholding of approximately 150 net sections in the Two Rivers area of Montney, Coelacanth is strategically positioned to harness the potential of one of the most resource-rich natural gas basins in North America.
Coelacanth distinguishes itself with a two-pronged strategy: near-term production growth and long-term resource development. Supported by advanced geological delineation and a robust infrastructure buildout, the company is poised to scale efficiently as it transitions from exploration to production.
Backed by a management team that has built and sold six successful oil and gas companies, Coelacanth is focused on delivering returns through disciplined capital deployment and operational execution.
The Montney Advantage
The Montney Formation spans British Columbia and Alberta and is known for its high levels of recoverable natural gas and liquids. Montney has attracted numerous large oil and gas producers, including companies like Canadian Natural Resources (CNQ), Shell, ARC Resources (ARX), Tourmaline Oil Corp (TOU), and ConocoPhillips (COP). The presence of such large players highlights the importance of this region in contributing to both the Canadian and global energy markets.
Coelacanth’s landholdings are strategically located in the Two Rivers area of Montney, giving it access to a highly productive portion of the basin. Unlike many junior exploration companies, Coelacanth is drill-ready, positioning it favorably among its peers. By securing significant infrastructure and landholdings, Coelacanth ensures its ability to tap into the natural gas and oil resources that lie beneath its properties, a key advantage in the competitive Montney region.
Company Highlights
- Over 150 net sections of contiguous land in the Two Rivers area, located in the Montney geological fairway, a prolific oil and liquids-rich natural gas region.
- Strategic proximity to major producers like ARC Resources, Tourmaline Oil Corp, Shell and ConocoPhillips.
- Fully permitted and funded infrastructure development program, with first production from Two Rivers East Pad started in June 2025 and expected to ramp through the summer.
- Phase 1 facilities will support initial production of 8,000 boe/d; Phase 2 will add compression and double total capacity by Q4 2025.
- Nine wells have been drilled and tested at the 5-19 pad, collectively flowing at over 11,000 boe/d in flush test rates.
- Estimated production growth: 4,000 boe/d in 2025; 11,000 boe/d in 2026; 15,000 boe/d in 2027.
Key Projects
Two Rivers East and Two Rivers West
The Two Rivers Montney development is the cornerstone of Coelacanth’s growth strategy. This multi-zone resource play features Lower, Upper, Basal and Middle Montney formations, offering significant running room for future development. The company has drilled and tested nine wells on the 5-19 pad (seven Lower Montney, one Upper, one Basal), yielding impressive flush production test rates totaling more than 11,000 boe/d, on a combined basis. Some wells tested at over 1,200 boepd with 50 percent light oil, highlighting strong liquids yields.
Two Rivers Asset Advantage
Two Rivers East started first production in June 2025, with production to be systematically ramped up over the summer. This production is supported by a new Phase 1 facility capable of processing 30 mmcf/d of gas and associated oil. Phase 2, planned for late 2025, will double capacity with added compression.
The Two Rivers West project, already in production, complements the East project with upside in the Upper Montney and delineation potential across additional benches. Test wells have demonstrated commercial deliverability and support long-term production sustainability.
Market Access and Takeaway Agreements
Coelacanth has secured long-term gas takeaway for its growing production base. The company holds firm commitments for up to 100 mmcf/d of natural gas takeaway capacity and has secured processing capacity of up to 60 mmcf/d at a third-party facility. Oil and condensate produced from the Montney light oil window can be trucked to regional terminals or connected via infrastructure to major hubs including Fort Saskatchewan, Edmonton and Prince George.
On the gas side, Coelacanth has egress options through pipelines such as NGTL, Westcoast and Alliance, and is strategically positioned to benefit from future access to LNG Canada via the Coastal GasLink system.
Board and Management
Rob Zakresky – President and CEO
Rob Zakresky has a significant background in the oil and gas sector, previously serving as the president and CEO of Leucrotta Exploration as well as five additional predecessor companies. He has been with Coelacanth Energy since its inception and is recognized for his strategic leadership and focus on enhancing shareholder value. His expertise in financial management and operations is reflected in his approach to driving the company's growth.
Bret Kimpton – Vice-president of Operations and COO
Bret Kimpton joined Coelacanth Energy in 2022, bringing a wealth of experience from his previous role as vice president of production at Storm Resources, where he contributed to significant production growth. He has a strong background in construction and operations, especially in the Montney region of British Columbia, managing various fields. His role at Coelacanth focuses on overseeing operational efficiency and implementing the company's growth strategies.
Nolan Chicoine – Vice-president of Finance and CFO
Nolan Chicoine has also been with Coelacanth Energy since its inception. His responsibilities encompass financial oversight, including financial planning, reporting, and analysis. He plays a crucial role in aligning the financial strategies with the company's operational goals. His background includes significant experience in financial management as CFO for Leucrotta Exploration, Crocotta Energy, and Chamaelo Energy.
Jody Denis – Vice-president of Drilling & Completions
Jody Denis is the former drilling, engineering & operations engineer at Leucrotta Exploration. Prior to that, he was senior operations advisor at Black Swan Energy, drilling manager at ARC Resources, and drilling and completions manager at Birchcliff Energy.
John Fur – Vice-president Geosciences
John Fur is the former manager, exploration of Leucrotta Exploration, and former senior geophysicist at Crocotta Energy, Chamaelo Energy, Chamaelo Exploration, Viracocha Energy, Canadian Natural Resources, Post Energy, Amber Energy and Husky Oil.
Jupiter Energy Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects