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Quebec Innovative Materials Corp. (CSE: QIMC) (OTCQB: QIMCF) (FSE: 7FJ) ("QIMC") is pleased to announce a major expansion of its natural clean renewable hydrogen exploration activities with the establishment of a new exploration camp in the Cumberland Basin, Nova Scotia, QIMC has staked 2,645 exploration claims. This strategic initiative significantly expands QIMC's natural clean renewable hydrogen and helium exploration portfolio into Canada's Atlantic region, positioning the company to access international hydrogen export markets via existing Atlantic port infrastructure.
John Karagiannidis CEO of QIMC stated: "Our expansion into Nova Scotia marks a transformative step forward, building upon our unparalleled exploration success in Quebec. By harnessing the favorable geological features of the Cumberland Basin and utilizing our proven exploration methodologies, we are poised to unlock substantial new natural clean hydrogen and helium resources, fueling a cleaner energy future and creating significant value for shareholders."
Covering approximately 428.49 km² with 2,645 exploration claims, the Cumberland project strategically targets geological structures conducive for their natural hydrogen and helium potential. Characterized by a thick sedimentary sequence exceeding 7 kilometers, deep-seated faults, and prominent geothermal gradients, the Cumberland Basin offers optimal conditions for hydrogen generation, accumulation, and potential storage.
Leveraging the exceptional exploration model developed at QIMC's St-Bruno-de-Guigues property in Quebec, where groundbreaking exploration has yielded outstanding natural renewable hydrogen results, QIMC intends to replicate its proven approach in the geologically favorable Cumberland Basin area. Nova Scotia's geological environment, marked by significant structural similarities to renowned global hydrogen-rich regions such as the Lorraine Basin in France, offers an ideal opportunity for transformative discoveries.
Specifically, the Cobequid-Chedabucto fault system, an extensive and deep-reaching geological structure, provides pathways for natural hydrogen production through water-mineral interactions involving biotite-rich granitoids and olivine-bearing mafic rocks. Recent scientific modeling in analogous geological environments, such as France's Rhine graben, demonstrates substantial hydrogen generation from biotite-rich granites, confirming the significant hydrogen potential awaiting discovery in Nova Scotia.
In addition, Nova Scotia's geological setting provides robust potential for helium co-production and hydrogen storage, particularly due to abundant salt diapirs within the Windsor Formation. This integrated exploration strategy strengthens QIMC's leading role in natural hydrogen exploration and positions it prominently as the North American leader in natural renewable hydrogen.
Prof. Marc Richer-Laflèche explains: "Nova Scotia frequently hosts biotite-rich potassic granitoids, notably within Neoproterozoic geological complexes such as the Frog Lake pluton (Murphy et al., 2001), as well as within several significant Carboniferous plutons including the North River and Hanna Farm plutons in the Cobequid Highlands (Pe-Piper, 1991). Additionally, lamprophyric intrusions, which are notably abundant throughout the region, also exhibit high biotite concentrations. Within our exploration model for natural hydrogen in Nova Scotia, biotite plays a pivotal role. Analogous to the process involving olivine in mafic and ultramafic rocks, biotite in these granitoids is known to readily react with groundwater, facilitating substantial hydrogen generation under appropriate geothermal conditions. This reaction underscores the strategic geological significance of Nova Scotia's biotite-rich granitoids for natural hydrogen exploration and potential production. This process has been demonstrated and modelled in the Rhine graben (Alsace, France) where, for moderate temperatures of around 130-200oC, biotite produces good quantities of hydrogen (e.g. 102 KT of H2 per km3 of granite: Murray et al., 2020). Given the favorable geothermal gradient in Cumberland, these temperatures could easily be reached, enabling hydrogen production by oxidation of the Fe2+ contained in biotite."
Cumberland sector:
The geological context of Nova Scotia includes lithological, structural and geophysical features conducive to the formation of hydrogen or helium. The Cumberland Basin area (Fig. 1), in particular, is a convergence zone bringing together several critical elements conducive to the formation and accumulation of natural hydrogen in a context showing certain similarities with the geological context of the hydrogen discovery in the Lorraine region of France. This area is characterized by the presence of the Cobequid Highlands.
Figure 1: Location map of the Cumberland project in Nova Scotia and other hydrogen exploration properties of QIMC and its partners. Figure modified from Google Map.
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The sedimentary geology of the Cumberland area, adjacent to the Cobequid Highlands, is characterized at surface by the presence of Late Carboniferous geological units of the Cumberland Group (Ragged Reef Fm, Polly Brook Fm) and stratigraphically underlying rocks of the Windsor and Mabou Groups. Rock units in the basin include continental detrital sedimentary rocks, coal formations (e.g. Springhill) and evaporites (Windsor Group). These rocks are underlain by older bedrock rich in Neoproterozoic potassic granitoids, mafic volcanics and intrusives, diorites and Carboniferous potassic granites (Pe-Piper et al., 1989; Pe-Piper and Piper, 2002). These rocks are cut by local or regional faults. The Cobequid-Chedaducto fault zone, south of the Cobequid Highlands, cuts across much of Nova Scotia and separates the Avalon terrain to the north and the Meguma terrain to the south (Fig. 2). The latter are components of the Northern Appalachians. This structural zone is thought to be the upper part of a larger structure known as the Minas Geofracture. This geological structure, reactivated several times in the Paleozoic, is thought to have been involved, among other things, in the emplacement of basaltic magmas that support the hypothesis of the presence of a transcrustal fault that could reach the peridotitic lithospheric mantle. This mafic magmatism, associated with the effusion of 1,500 m of volcanic rocks (continental tholeiites) (Dessureau et al., 2000), is of great importance for the production of natural renewable hydrogen through the interaction of groundwater and minerals such as olivine, pyroxenes and magnetite.
Figure 2: Simplified geological map of Nova Scotia's Carboniferous and Triassic sedimentary basins. Source: NSDNR, 2006.
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The presence of an imposing succession of sedimentary rocks (over 7 km) in the Cumberland Basin is a favorable feature for natural hydrogen exploration, given the presence of porous, permeable rocks interbedded with impermeable rocks such as shales and evaporites (salt formations of the Windsor Fm). The formation of anticlinal structures by the rise of salt diapirs is, among other things, conducive to the formation of hydrogen and helium gas deposits. The presence of salt formations offers the potential for gas storage in the Cumberland Basin.
With its thick succession of sedimentary rocks and relatively high geothermal gradient, the Cumberland Basin is also recognized for its geothermal potential (Comeau et al., 2020). In a context of hydrogen production, through reactions between groundwater and minerals such as olivine, magnetite and biotite, the presence of relatively warm water, at realistic depths, is one of the characteristics sought for natural hydrogen production. The presence of a granitic basement rich in K, Th and U is also conducive to the production of radiolytic hydrogen and crustal radiogenic helium.
References :
Comeau et al., 2020. Assessment of geothermal resources in onshore Nova Scotia. Offshore Energy Research Association (OERA). Open File Report ME 2021-003, 216 pages.
Dessureau, G., Piper, D.J.W., and Pe-Piper, G., 2000. Geochemical evolution of earliest Carboniferous continental tholeiitic basalts along a crustal-scale shear zone, southwestern Maritimes basin, eastern Canada. Lithos, Volume 50, Issues 1-3, Pages 27-50.
Murray, J., Clément, A., Fritz, B., Schmittbuhl, J., Bordmann, V., Fleury, J.M., 2020. Abiotic hydrogen generation from biotite-rich granite: A case study of the Soultz-sous-Forêts geothermal site, France. Applied Geochemistry.
Murphy, G.B., Pe-Piper, G., Piper, D.J.W, Nance, R.D. and Doig, R., 2001. Geology of the Eastern Cobequid Highlands, Nova-Scotia. Geological Survey of Canada, Bulletin 556, 62 pages. NSDNR, 2006. Geological map of the province of Nova Scotia, Scale 1:500 000, Compiled by J. D. Keppie, 2000. Digital Version of Nova Scotia Department of Natural Resources Map ME 2000-1. DP ME 43, Version 2.
Pe-Piper, G., 1991. Granite and associated mafic phases, North River pluton, Cobequid Highlands, Nova Scotia. Atlantic Geology, 27, 15-28.
Pe-Piper, G., Murphy, J.B. and Turner, D.S., 1989. Petrology, geochemistry, and tectonic setting of some Carboniferous plutons of the eastern Cobequid Hills. Atlantic Geology, 25, 37-49.
Pe-Piper, G. and Piper, D. J.W., 2002. A synopsis of the geology of the Cobequid Highlands, Nova Scotia. Atlantic Geology, 38, 145-160.
White, C. E., Archibald, D. B. MacHattie, T. G and Escarraga, E. A. 2011. Preliminary Geology of the Southern Antigonish Highlands, Northern Mainland Nova Scotiain Mineral Resources Branch, Report of Activities 2010; Nova Scotia Department of Natural Resources, Report ME 2011-1, p. 145-164.
M. Richer-LaFlèche is the Qualified Person responsible for the technical information contained in this news release and has read the information contained herein. He is a professional geologist registered with the Ordre des géologues du Québec and is the Qualified Person responsible for the technical information contained in this news release and has read the information contained herein and approves the press release.
For more information about Quebec Innovative Materials Corp. and its products, please visit www.qimaterials.com.
About Québec Innovative Materials Corp.
Québec Innovative Materials Corp. is a mineral exploration and development company dedicated to exploring and harnessing the potential of Canada's abundant resources. With properties in Ontario and Québec, QIMC is focused on specializing in the exploration of white (natural) hydrogen and high-grade silica deposits. QIMC is committed to sustainable practices and innovation. With a focus on environmental stewardship and cutting-edge extraction technology, we aim to unlock the full potential of these materials to drive forward clean energy solutions to power the AI and carbon-neutral economy and contribute to a more sustainable future.
QUÉBEC INNOVATIVE MATERIALS CORP.
John Karagiannidis
Chief Executive Officer
For further information, please contact:
Email: info@qimaterials.com
Tel: +1 514-726-7058
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the CSE policies) accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release.
Forward-Looking Statements
This news release contains statements that constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Québec Innovative Materials' actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Although Québec Innovative Materials believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature, forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions in Canada and abroad; adverse industry events; future legislative and regulatory developments in the natural resources sector, in particular as regards the regulation of white (natural) hydrogen exploration, development and exploitation; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; natural resources industry and markets in Canada and generally; the ability of Québec Innovative Materials to implement its business strategies; competition; and other assumptions, risks and uncertainties.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Cautionary Statements This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. These statements are based on expectations, estimates, and projections as of the date of this release. Forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from current expectations. Readers are cautioned not to place undue reliance on these statements, as no assurance can be provided regarding future outcomes.
QIMC:CNX
Oil and Gas Price Update: Q1 2025 in Review
“The macroeconomic conditions that underpin our oil demand projections deteriorated over the past month as trade tensions escalated between the United States and several other countries,” a March oil market report from the International Energy Agency (IEA) notes, highlighting the downside risks of US tariffs and retaliatory measures.
The instability and weaker-than-expected consumption from advanced and developing economies prompted the IEA to downgrade its growth estimates for Q4 2024 and Q1 2025 to about 1.2 million barrels per day.
Despite the uncertain outlook, an announcement that OPEC+ would extend a 2.2 million barrel per day production cut into Q2 added some support to the market amid global growth concerns and rising output in the US.
Prices spiked at the end of March, pushing both benchmarks to within a dollar of their 2025 start values. However, the rally was short-lived and prices had plummeted by April 9.
Oil prices fall as OPEC hikes output and supply risks mount
WTI price performance, December 31, 2024, to April 23, 2025.
Chart via the Investing News Network.
Sinking to four year lows, Brent and WTI fell below the critical US$60 per barrel threshold, to US$58.62 (Brent) and US$55.38 (WTI), lows not seen since April 2021. The decline saw prices shed more than 21 percent between January and April shaking the market and investor confidence.
“We're into the supply destruction territories for some of the high cost producers,” Ole Hansen, head of commodity strategy at Saxo Bank, told the Investing News Network. “It will not play out today or tomorrow, because a lot of these producers are forward hedging as part of their production.”
Watch Hansen discuss where oil and other commodities are heading.
According to Hansen, if prices remain in the high US$50 range US production will likely decrease, aiding in a broader market realignment. "Eventually we will see production start to slow in the US, probably other places as well, and that will help balance the market,” the expert explained in the interview. “Helping to offset some of the risk related to recession, but also some of the production increases that we're seeing from OPEC.”
In early April, OPEC+ did an about face when it announced plans for a significant increase in oil production, marking its first output hike since 2022. The group plans to add 411,000 barrels per day (bpd) to the market starting in May, effectively accelerating its previously gradual supply increase strategy.
Although the group cited “supporting market stability” as the reasoning behind the increase, some analysts believe the decision is a punitive one targeted at countries like Iraq and Kazakhstan who consistently exceed production quotas.
“(The increase) is basically in order to punish some of the over producers,” said Hansen. He went on to explain that Kazakhstan produced 400,000 barrels beyond its quota.
If these countries return to their agreed limits, it could offset OPEC’s planned production hikes.
At the same time, US sanctions on Iran and Venezuela may tighten global supply further, while a growing military presence in the Middle East also signals rising geopolitical risks, particularly involving Iran.
Oil price forecast for 2025
As such Hansen expects prices to fluctuate between US$60 to US$80 for the rest of the year.
“(I am) struggling to see, prices collapse much further than that, simply because it will have a counterproductive impact on supply and that will eventually help stabilize prices,” said Hansen.
Hansen’s projections also fall inline with data from the US Energy Information Administration (EIA). The organization downgraded the US$74 Brent price forecast it set in March to US$68 in April.
The EIA foresees US and global oil production to continue rising in 2025, as OPEC+ speeds up its planned output increases and US energy remains exempt from new tariffs.
Starting mid-year, global oil inventories are projected to build. However, the EIA warns that economic uncertainty could dampen demand growth for petroleum products, potentially falling short of earlier forecasts.
“The combination of growing supply and lower demand leads EIA to expect the Brent crude oil price to average less than US$70 per barrel in 2025 and fall to an average of just over US$60 per barrel in 2026,” the April report read.
Supply concerns add tailwinds for natural gas
On the natural gas side, Q1 was marked by tight conditions amid rising demand. A colder-than-normal winter led to increased consumption, with US natural gas withdrawals in Q1 exceeding the five-year average.
Starting the year at US$3.59 per metric million British thermal units, prices rose to a year-to-date high of US$4.51 on March 10. Values pulled back by the end of the 90 day period to the US$4.09 level, registering a 13.9 percent increase for Q1.
"Cold weather during January and February led to increased natural gas consumption and large natural gas withdrawals from inventories,” a March report from the EIA explains.
Natural gas price performance, December 31, 2024, to April 23, 2025.
Chart via the Investing News Network.
“(The) EIA now expects natural gas inventories to fall below 1.7 trillion cubic feet at the end of March, which is 10 percent below the previous five-year average and 6 percent less natural gas in storage for that time of year than EIA had expected last month," the document continues.
Natural gas price forecast for 2025
Following record setting demand growth in 2024 the gas market is expected to remain tight through 2025, amid market expansion from Asian countries.
The IEA also pointed to price volatility brought on geopolitical tensions as a factor that could move markets.
“Though the halt of Russian piped gas transit via Ukraine on 1 January 2025 does not pose an imminent supply security risk for the European Union, it could increase LNG import requirements and tighten market fundamentals in 2025,” the organization notes in a gas market report for Q1.
Although the market is forecasted to remain tight the IEA expects growth in global gas demand to slow to below 2 percent in 2025. Similarly to 2024’s trajectory, growth is set to be largely driven by Asia, which is expected to account for almost 45 percent of incremental gas demand, the report read.
THe US-based EIA has a more optimistic outlook for the domestic gas sector, projecting the annual demand growth rate to be 4 percent for 2025.
“This increase is led by an 18 percent increase in exports and a 9 percent increase in residential and commercial consumption for space heating,” an April EIA market overview states.
The report attributes the expected export growth to increased liquefied natural gas (LNG) shipments out of two new LNG export facilities, Plaquemines Phase 1 and Golden Pass LNG.
Venture Global's (NYSE:VG) Plaquemines LNG facility in Louisiana commenced production in December 2024 and is currently in the commissioning phase.
Once fully operational, it is expected to have a capacity of 20 million metric tons per annum. The facility has entered into binding long-term sales agreements for its full capacity
Golden Pass LNG, a joint venture between ExxonMobil (NYSE:XOM) and state-owned QatarEnergy, is under construction in Sabine Pass, Texas. The project has faced delays due to the bankruptcy of a key contractor, with Train 1 now expected to be operational by late 2025 . Upon completion, Golden Pass LNG will have an export capacity of up to 18.1 million metric tons per annum.
The EIA forecasts natural gas prices to average US$4.30 in 2025, a US$2.10 increase from 2025. Farther ahead the EIA has a more modest forecast of US$4.60 for 2026.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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.