Jupiter Energy has said production at its Akkar East wells will continue to be shut in until the oil price imprvoves.
The company said it was continuing to monitor market conditions and said it may recommence operations during the year at the site in Kazakhstan.
The move comes after Jupiter was granted extensions on the oilfield which will now run until the end of the year when the current exploration licence comes to an end.
Jupiter said it has also continued to make reductions to its staffing numbers at the beginning of this year as well as making a reduction to its office space.
A total of $42million has been removed from the annual operating costs as a result.
At the end of December last year, cash levels were $299,985, compares to $5,654,052 the year previously.
Assets decreased from $74,409,695 to $48,743,424 and equity decreased to $7,900,087 compared with $41,654,899 in June last year.
Jupiter said the decrease is a direct result of the revaluation of the Tenge and the weakening of the Australian Dollar.
