Jura Energy Corporation: Commencement of Commercial Production from Guddu Block
January 06 2014 - 9:00AM
Marketwired
Jura Energy Corporation: Commencement of Commercial Production from
Guddu Block
CALGARY, ALBERTA--(Marketwired - Jan 6, 2014) - Jura Energy
Corporation (TSX:JEC) ("Jura" or the "Company") is pleased to
announce the first gas production from the Reti-Maru gas fields in
the Guddu Block commenced on Thursday, December 26, 2013. Initial
production is being controlled to allow buyer and seller facilities
testing, commissioning and pipeline packing. Once fully brought
on-stream after the commissioning period, management of Jura
expects gross production to reach 12 MMcfd (net to Jura 1.3 MMcfd)
in January 2014.
The gas is being sold to Engro Fertilizers Limited as the
representative of a consortium of fertilizer companies pursuant to
a gas sale agreement (the "GSA") entered into by Jura in March
2013. Engro is a leading Pakistani fertilizer company.
Pursuant to amendments made in the Pakistan Petroleum
Exploration & Production Policy, 2012 after the execution of
the GSA, Reti-Maru gas discoveries qualify for gas pricing under
Pakistan Petroleum Exploration & Production Policy 2009 (the
"2009 Policy"). The expected gas price under the 2009 Policy
conversion regime will be US$ 3.40 per MMBtu. The final
determination of gas price is pending approval before the
Government of Pakistan. Based on the gas price of US$ 3.40 per
MMBtu the expected monthly revenue net to Jura will be US$
80,000.
The Guddu block covers an area of 2,093 km2 and is located in
the district of Ghotki, straddled between the Sindh and Punjab
Provinces in Pakistan. Jura holds 10.66% working interest in the
Guddu block, which is operated by Oil and Gas Development Company
Limited.
Shahid Hameed, President and Interim Chief Executive Officer of
Jura stated, "The start of sales from Guddu is a significant
milestone for us since it brings a second Jura property into
revenue generation. We will look forward to utilizing the cash
flows to accelerate value realization for shareholders."
About Jura Energy Corporation
Jura is an international energy company engaged in the
exploration, development and production of petroleum and natural
gas properties. 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 "expected", "will", "look
forward", and similar expressions are used to identify forward
looking information. Specific forward-looking statements in this
press release include information concerning pricing and revenue
from Guddu Block and accelerating value realization for the Jura
shareholders.
The forward-looking statements contained in this press
release are based on management's beliefs, estimates and opinions
on the date the statements 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 statements 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, 2012, available on SEDAR at
www.sedar.com, for further description of the risks and
uncertainties associated with Jura's business.
Jura Energy CorporationMr. Shahid HameedInterim CEO+92 51 282
5011+92 51 287 0331info@juraenergy.comwww.juraenergy.com