The work program on Block 31 is based on a commitment to drill 5 Exploration Wells and the Company is currently up to date with all these work commitments. Other Exploration Wells may be drilled at the Company's discretion after the completion of the initial 5 wells.

The Company has almost all its employees based in its Aktau office, the Company's Operational Centre, which is located some 80km from Block 31. The Company is a strong believer in local content and is committed to local employment with all its employees based in Aktau being Kazakh.

JPR believes it has the following key elements that will ensure it becomes a successful oil producer in one of the most prospective oil producing countries in the world:

• An experienced and well connected board and management.
• A proven local team with access to skilled Kazakh human resources/companies.
• A strong cornerstone investor with a proven track record in assisting in the development of emerging exploration and production companies.
• 100% ownership of an excellent piece of acreage in the oil rich Mangistau Basin, SW Kazakhstan. A recent independent review of the Triassic structure by Senergy Limited confirmed that the permit contains ~ 24 mmbbls 2P reserves. Further reviews will be completed post the drilling of the 2011 and 2012 commitment wells.
• Commercial discoveries with its first three wells (J-50, J-51 and J-52). J-50 and J-52 have been granted Trial Production Licences. J-51 is currently on its 3 month production testing phase.
• Access to the export oil market through the nearby port city of Aktau - thereby giving the Company the opportunity to monetise oil discoveries at the best possible prices.

Kazakhstan Oil Sector

Oil & Gas is the largest sector and driver of growth for almost all Central Asian economies. Kazakhstan has the Caspian region's largest recoverable crude oil reserves and in Kazakhstan, production is expected to double over the next decade to over 3 million barrels per day.

Kazakhstan has 3 oil refineries located in Pavlodar (northern region), Atyrau (western region) and Shymkent (the South) with an estimated total refining capacity currently standing at ~430,000 barrels of oil per day.

There are three significant hydrocarbon basins: the pre Caspian, the Mangyshlak and the South Turgai basins. The potential of the region became obvious (particularly to the West) with the discovery of Tengiz in the 1970's but the lack of foreign investment and access to technology meant that the development of the sector really only began in earnest in the 1990's.

Block 31

Jupiter Energy Limited holds a 100% interest in an exploration permit (Block 31) located in the Mangistau Basin in South West Kazakhstan. The permit currently covers an area of 123 km2 with the the permit having recently being extended from 64 km2 to 123 km2. Block 31 is located on trend with three existing producing oil fields that have potential resource in excess of 56 million barrels of oil (mmbbls). The prospective permit is located within the Zhetybai-Uzen step, adjacent to the Akkar North and North West Zhetybai oilfields. Government records indicate that there has already been production of approximately 6 billion barrels of oil within this region. The Block has had 3D seismic shot over 64 km2 and 3D seismic has also been acquired over the new 59 km2 extension. The Company has completed its first three wells on the permit (J-50, J-51 and J-52).

JPR has a 5 well Commitment Program on Block 31. The 2009 well (J-50), the 2010 well (J-52) and the 2011 well (J-51) have all been completed. All 3 wells were commercial discoveries. The 1st of the two 2012 wells (J-53) has been cased and completed. Flow test results are expected in early 2Q 2012. A further well is planned for 2012 (J-55) to complete the 5 well program.

The J-51 well recently completed a 3 month production testing phase and has now been shut in as an application for a Trial Production Licence (TPL) is being prepared.

J-50 and J-52 have had their TPL applications approved by the Kazakh Central Development Committee and both wells are expected to go on to production during April 2012.

The first of the Company's 2012 Commitment wells (J-53) spudded on 25 November 2011 and is expected to be completed in early 2012. The J-53 well is located to the southeast of J-51 and will test a structure that may contain up to 10 million barrels of potential resource.

Prospectivity for Block 31

Mid Triassic Northeast Akkar Oil Field

J-50 and J-52 penetrated a 100-120m Mid Triassic Carbonate section which was wholely oil saturated.  J-51 penetrated a 160m section. Core, wireline logs and flow testing suggests about half the section is productive in all wells. To date the zone has been flow tested from all three wells at rates of 350-750 bopd on 8mm choke with negligible water.  The field is mapped to extend over an area of ~14 sq km.

J-50 Dip Section

J-52 encountered the Lower Jurassic which flowed oil in NWZ#2 in an updip position.  This 25m sand was oil saturated on logs and core but when flow tested it was shown that it may not be viable for commercial production. It is expected that there will be further testing of this reservoir during future drilling programs.

Geoff Gander - Chairman/CEO

Geoff 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. Geoff was appointed as a Director of Jupiter Energy Limited on 27 January 2005 and is currently responsible for Group Corporate Development, Group Investor Relations and overall Operational Leadership.

Alastair Beardsall - Non-Executive Director

Alastair (56) has been involved in the oil industry for 30 years. In 1980 Alastair started work with Schlumberger, the oil-field services company, and from 1992 he began working for independent exploration and production operators, with increasing responsibility for specific exploration, development and production ventures. Between September 2003 and October 2009, Alastair was Executive Chairman of Emerald Energy plc during which time Emerald grew, from a market capitalisation of less than £8 million, until in October 2009 Emerald was acquired by Sinochem Resources UK Limited, for £7.50 per share in a transaction that valued Emerald at £532 million. Alastair is currently Executive Chairman on the AIM listed Sterling Energy Plc.

Baltabek Kuandykov - Non-Executive Director

Baltabek is currently President of Meridian Petroleum, a privately held Kazakh oil & gas company. He was formerly President of Nelson Resources Limited, the oil development and production company operating in Kazakhstan which was listed on the Toronto Stock Exchange until its acquisition by Lukoil in 2005. Mr 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. Mr Kuandykov also 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.

Scott Mison - Non Executive Director/ Company Secretary

Mr Mison holds a Bachelor of Business degree, major in Accounting and Business Law, is a Member of the Institute of Chartered Accountants in Australia and Chartered Secretaries Australia. Mr Mison was until recently an Associate Director of Capital Investment Partners Pty Ltd, a corporate advisory firm which delivers a comprehensive range of investment banking services including strategic capital raising, merger and acquisition and financial advisory services, primarily to small-cap emerging listed companies.

Updated from company website 26.03.2012