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CALGARY, ALBERTA--(Marketwired - Feb 22, 2016) - Jura Energy Corporation ("Jura") today announced a potential gas discovery at the Aminah-1 exploration well in the Badin IV South block.
Jura holds a 27.5% working interest in the Badin IV South block, which is operated by Petroleum Exploration (Private) Limited ("PEL"). At the present time, PEL has not provided drilling depth, testing results or other status information with regard to the drilling of Aminah-1 directly to Jura, and Jura has not independently verified the discovery.
From time to time, Jura has been involved in various legal or administrative proceedings involving PEL. At present, Jura and PEL are in dispute with regard to, among other things, a past cash call for the Badin IV South block pursuant to which PEL has commenced proceedings with the Government of Pakistan to attempt the forfeiture of Jura's working interest in the Badin IV South block. Jura and the other non-operated working interest holder challenged the validity of the cash call, which was in any event paid. Jura disputes the claim by PEL that Jura is in default under the Badin IV South joint operating agreement and that Jura's working interest in the block is validly subject to forfeiture.
Jura will vigorously defend its interest in the Badin IV South block and further information with regard to the potential discovery as well as the proceedings with PEL will follow in due course.
About Jura Energy Corporation
Jura is an international energy company engaged in the exploration, development and production of petroleum and natural gas properties in Pakistan. Jura is based in Calgary, Alberta, and listed on the TSX trading under the symbol JEC. Jura conducts its business in Pakistan through its subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited.
Forward Looking Advisory
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. The words "potential", "will" and similar expressions are used to identify forward looking information. Specific forward-looking statements in this press release include information concerning the outcomes/resolutions of the ongoing disputes between the Company and PEL.
The forward-looking statements contained in this press release are based on management's beliefs, estimates and opinions on the date the statements and are made in light of management's experience, current conditions and expected future development in the areas in which Jura is currently active and other factors management believes are appropriate in the circumstances. Jura undertakes no obligation to update publicly or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise, unless required by applicable law.
Readers are cautioned not to place undue reliance on forward-looking information. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties that contribute to the possibility that the predicted outcome will not occur, including some of which are beyond Jura's control. These assumptions and risks include, but are not limited to: the risks associated with the oil and gas industry in general such as operational risks in exploration, development and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the imprecision of resource and reserve estimates, assumptions regarding the timing and costs relating to production and development as well as the availability and price of labour and equipment, weather, volatility of and assumptions regarding commodity prices and exchange rates, marketing and transportation risks, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in applicable law. Additionally, there are economic, political, social and other risks inherent in carrying on business in Pakistan. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. See Jura's Annual Information Form for the year ended December 31, 2014, available on SEDAR at www.sedar.com, for further description of the risks and uncertainties associated with Jura's business.