Report from 2025 Jupiter Energy hybrid EGM
February 7, 2025
Jupiter Energy (JPR) held a hybrid EGM in Melbourne on February 5, 2025, to approve 7 share issue resolutions including a placement approval refresh. See notice of meeting. Market cap $32m with stock at 2c. See voting results. Attended in person and below is a summary of the discussion.
The notice of meeting was released on January 3 and I bought $500 worth of stock at 2.9c on January 5. I then tried to register for the Zoom component 90 minutes before kick-off but after receiving no confirming within 30 minutes, decided to head into the physical component which was being held on level 6 of 199 William St at the company's lawyers office, Steinepreis Paganin.
On arriving it was very cosy with just executive chair Geoffrey Gander and consultant company secretary James Barrie. Geoff is normally based in Kazakhstan but is in Melbourne to try and help raise the intended $3 million through the placement capacity approved at the EGM.
The share registry Computershare wasn't at the meeting but at least James was able to issue me with a voting card, unlike what happened at the earlier Noviqtech EGM in Sydney back on January 18.
Chair Gander was very personable and worked through a script produced by James and with no questions coming via the Zoom platform, we ended up having a 20 minute discussion about all sorts of things.
One of the resolutions involved some equity grants to Geoffrey so I asked about his history of investing and he's down around $2 million. A London-based Russian-Kazak player called Michael has dropped close to $100 million on the company's projects over the years and Kazakhstan's biggest investment bank, Halyk Finance, is now is now keen to get involved.
The company is actually producing a small amount of oil in Kazakhstan and wants to crank this up and then hopefully monetise the asset selling to a bigger player.
It has wracked up $97 million in accumulated losses and with a market cap of $38m, investors are down around $60 million over this roller coaster 16 year ride pursuing oil production in Kazakhstan.
Geoffrey acknowledged that it is a difficult jurisduction but after a change of government in 2022, the state's attitude has become more supportive of foreign investors like Jupiter.
Indeed, US super-major Chevron has just announced it plans to invest a further $US48 billion into its already lucrative Kazak fields which it has operated profitably since shortly after the collapse of the USSR in 1989.
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