Jura also provided the following update on operations:
Guddu License (Reti-Maru Field)
In January 2013, the Government of Pakistan approved the sale of gas from the Guddu field to a consortium of four fertilizer manufacturers. The Guddu joint venture is in the process of negotiating a Gas Sale Agreement and a Gas Pricing Agreement with the consortium. The sale of gas is anticipated to commence later this year following (i) the execution of these agreements, (ii) the construction of a 15.32 km pipeline to the purchaser's facility, and (iii) final regulatory approvals. Jura holds a 10.6% interest in the Guddu License.
Jura has commenced rigless operations in three wells to confirm flow rates from the previously shut-in Sara-Suri fields. The work to be performed includes a pressure buildup survey, saturation monitoring, selective perforations, stimulation, production testing and the running of velocity string in one well. Jura is the operator of these fields and holds a 60% interest in the Sara-Suri Development and Production Leases.
The operator of the Zarghun South field, Mari Petroleum Company Limited, advised Jura that it has mobilized a drilling rig to perform the recompletion of the Zarghun South-1 well. Additional work to be completed includes the installation of surface facilities and 25 MMSCFD gas processing plant. Sui Southern Gas Company Limited, the purchaser of gas from Zarghun South, will be commencing construction of a 64.2 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.
The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of revenue and future net revenue for all properties, due to the effects of aggregation. As at August 31, 2011, DeGolyer estimated Jura's share of gross proved plus probable reserves for all of Jura's properties in Pakistan to be 35Bcf.
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; commencing 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
(403) 266-6365 (FAX)
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