Sale of Working Interests in Zarghun South and Nareli Block

CALGARY, Alberta, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Jura Energy Corporation ("Jura" or the "Company") announced today that its wholly owned operating subsidiary Spud Energy (Pty) Limited (“Spud”) has entered into agreements with its joint venture partner Mari Petroleum Company Limited (“MPCL”) for the sale of Spud’s 40% working interest in the Zarghun South concession and 27.55% working interest in the Nareli Block in Pakistan. MPCL is the operator of both assets. Jura’s management is of the considered view that Spud should exit from Zarghun South as the field is approaching its economic limit in which case significant abandonment and reclamation obligations would be triggered, unless further successful in-fill drilling is undertaken. Further, Jura anticipates significant near-term cash calls related to both the Zarghun South and Nareli assets for which funding is not readily available. The transactions remain subject to regulatory approval in Pakistan as well as customary closing conditions, and are anticipated to close near the end of Q2 2024.

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