Jupiter Energy Limited has announced important adjustments to its noteholder agreements, reflecting its ongoing plans for a dual listing on the Astana International Exchange. The company revealed that all four noteholders have agreed to modify the existing terms of the notes, which were originally structured to settle amounts owed on various contract notes with an interest‐free period. Initially set to expire at the end of 2024 and later extended to the end of 2026, the interest‐free period has now been further extended until 31 December 2028 in support of the proposed AIX dual listing. Under the revised agreement, the noteholders have also stipulated caps on the aggregate repayments the company can make against these notes—capped at US$1.5 million in 2025 and US$1 million in 2026. Notably, Jupiter Energy Limited has already made repayments of US$500,000 in 2025, meaning that the remaining repayments for 2025 now cannot exceed US$1 million. Both these variations are contingent on the successful completion of the dual listing process, with further updates to shareholders expected in the near future. Jupiter Energy Limited, an oil exploration and production entity focused on its onshore assets in Western Kazakhstan, continues to build on its exploration successes. The company’s portfolio now includes discoveries across three oilfields, with independent audits estimating 2P recoverable reserves of approximately 36.5 million barrels of oil. Currently producing over 600 barrels of oil per day, Jupiter Energy has secured commercial licenses that facilitate the sale of its oil in both domestic and international markets. The leadership, composed of experienced in-country managers and an international board, is well-regarded for its operational expertise in Kazakhstan. Analysts may be inclined to view the news from two perspectives. On the bullish side, the extension of the interest‐free period and structured repayment caps align well with the company’s strategic initiatives, potentially easing short-term cash flow pressures as it moves toward a dual listing. Additionally, the significant oil reserve estimates and steady production levels suggest underlying asset strength and growth potential. Conversely, a bearish view might emphasize the inherent uncertainties tied to the dual listing process, as the agreed variations remain subject to its successful completion. Furthermore, the repayments and capped outflow terms, while aimed at managing cash flow, could be seen as limitations in financial flexibility in a challenging market environment. Overall, this move by Jupiter Energy Limited signifies both a strategic adjustment in its debt management framework and a step toward enhancing its market presence through international capital markets.