CALGARY, ALBERTA -- (Marketwire) -- 03/21/13 -- Jura Energy Corporation (TSX: JEC) ("Jura") announced the filing on SEDAR of its consolidated financial statements for the years ended December 31, 2012 and 2011 as well as Management's Discussion and Analysis for the year ended December 31, 2012.
Jura also provided the following update on operations:
Guddu License (Reti-Maru Field)
Jura has entered into a gas sales agreement for the sale of gas from the Guddu field to a consortium of four fertilizer manufacturers. The agreement provides for a sale price of $5.40/MMbtu, a 10% discount to the price prescribed under the 2012 Petroleum Policy. In exchange for the discount, the gas will not have to be treated or processed. The sale of gas is anticipated to commence later this year following (i) the execution of a gas pricing agreement, (ii) the construction of a 15 km pipeline to the purchaser's facility, and (iii) final regulatory approvals. Jura holds a 10.7% interest in the Guddu License.
Jura has successfully completed rigless operations in three wells to confirm flow rates from the previously shut-in Sara-Suri fields. The work performed included a pressure buildup survey, saturation monitoring, selective perforations, stimulation, production testing and the running of velocity string in one well. The Suri-2 well tested at 0.75 MMcf/d with a 1/4 inch choke and wellhead flowing pressure of 120 psi. The Suri-1 well tested at 0.6 MMcf/d with a 1/4 inch choke and wellhead flowing pressure of 10 psi. The Sara-1 well was shut-in after water inflow ceased gas production. Further testing is in progress to establish stabilized gas flow rates and pressures.
Jura is the operator of these fields and holds a 60% interest in the Sara-Suri Development and Production Leases.
A rig has been mobilized to the Zarghun South field and operations are in progress for the recompletion of the Zarghun South-1 well. Additional work to be completed includes the installation of surface facilities and 25 MMcf/d gas processing plant. Sui Southern Gas Company Limited, the purchaser of gas from Zarghun South, has commenced construction of a 64 Km pipeline which will tie the field into the main gas grid. Gas sales from Zarghun South are anticipated to commence by the fourth quarter of 2013.
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 news release contains forward-looking information which is not comprised of historical facts. Forward-looking information in this news release includes statements with respect to, among other things, the level of costs required to bring the Zarghun South field on production; expectations with respect to production and gas sales from the Zarghun South field and the Guddu field and the timing thereof; execution of agreements for the sale of gas by the Guddu joint venture and receipt of final regulatory approvals therefore; completion of pipelines from the Zarghun South field and the Guddu field and the timing thereof; tie in of the pipeline from the Zarghun South field with the main gas plant; continuing rigless operations in the Sara-Suri gas fields and the timing thereof; expectations regarding operations in the Zarghun South field and the timing thereof, including mobilization of a drilling rig, completion of a workover of the Zarghun South-2 well and completion of the installation of a gas processing plant; expected pricing under the Tight Gas Policy; anticipated method of repayment of the Facility; and expectations regarding the application by Jura to list additional shares issuable under the Conversion Option on the TSX. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Jura. These risks include, but are not limited to: changes in interest rates applicable to the Facility, failure of other working interest owners to fund their working interest commitments, general economic, market and business conditions, commodity prices and exchange rate changes, regulatory changes, technical issues, new legislation, political and business conditions, competitive and general economic factors and conditions, uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, stock market volatility, the ability to access sufficient capital from internal and external sources and Jura's capability to execute and implement its future plans. The risks outlined above should not be construed as exhaustive. Readers are cautioned not to place undue reliance on this forward-looking information as actual results may differ materially from those expressed or implied in the forward-looking information. Jura does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
Jura Energy Corporation
Mr. Graham Garner
+1 (403) 266-6364
+1 (403) 266-6365 (FAX)
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