16 March 2021
Notification of Major Interest in Shares
News and updates
Sterling Energy, an upstream oil and gas company listed on the London Stock Exchange appointed Mr Tony Hawkins as its Chief Executive Officer. Mr Hawkins will be appointed to the Board of Directors with immediate effect and will take up his executive position as Chief Executive Officer on 1 January 2021.
Mr Hawkins is an experienced oil & gas executive, with over 20 years' experience as a CEO, senior commercial advisor and legal counsel. He has worked extensively in oil & gas but also across the broader energy sector, including power, infrastructure and renewables. He is an English and Australian qualified lawyer, who has worked in both private practice and in-house roles.
Jupiter Energy's Non-Exective Director Phil Warren has advised of his intention to retire as a Director of the Company, Phil joined the Jupiter Board on 20 April 2018 and has made a significant contribution to the Company since that time.
Mark Ewing has accepted an invitation to join the Board of Jupiter Energy and will take up his position on 24 November 2020.
Mark Ewing is an experienced company director and member of the Institute of Company Directors. Mark has had more than 40 years' experience as a Chartered Accountant working with private and public companies in Australia, Asia, UK and the US.
The approval process for transitioning the Akkar East oilfield has been finalised to transition from Trial Production to Commercial Production.
The Company continues to discuss potential infrastructure sharing options in the area and, as already announced, is also undertaking a Strategic Review as to other funding opportunities available to further develop the Akkar East field, as well as the Akkar North and West Zhetybai oilfields.
It is expected that the Akkar North oilfield will need to transition to Commercial Production during 1st Quarter 2021 and the West Zhetybai oilfield will need to transition in the 4th Quarter of 2021.
The board of Jupiter Energy Ltd has decided to undergo a Strategic Review to examine all future development opportunities of its acreage in Kazakhstan.
Jupiter has been active in Kazakhstan since 2008. The company has managed to produce and sell over 1m barrels of oil and has discovered 3 oil fields.
Jupiter is currently waiting to final local governmental regulatory approvals in order to transition its fields into Commercial Production. A move to Commercial Production will require greater investment in infrastructure and will enable the stakeholders to maximise the value of the company's assets.