Jura Energy Corporation

Jura Energy Corporation

November 07, 2014 07:53 ET

Jura Announces Closing of PKR 400 Million Financing Facilities

CALGARY, ALBERTA--(Marketwired - Nov. 7, 2014) - Jura Energy Corporation (TSX:JEC) ("Jura") is pleased to announce the closing of two financing facilities totalling Pakistan Rupees ("PKR") 400 million (equivalent to US$ 3.89 million at the exchange rate on November 7, 2014) ("the Facilities") by Spud Energy Pty Limited, a wholly-owned subsidiary of Jura.

The Facilities have been extended by JS Bank Limited, a related party, and comprise (1) a PKR 200 million Term Finance facility carrying interest at the rate of 3-month Karachi Inter Bank Offered Rate ("KIBOR") plus 2%, maturing two years from the date of disbursement; and (2) a PKR 200 million Running Finance facility carrying interest at the rate of 3-month KIBOR plus 2%, maturing one year from the date of disbursement. The interest on Facilities is payable quarterly in arrears. The principal of the Term Finance facility is repayable in eight equal quarterly installments, commencing three months after the date of disbursement. Disbursements are expected to occur in the next two weeks.

Jura intends to utilize the Facilities to finance its capital expenditure programme and working capital requirements.

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 wholly-owned 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", "intends", and similar expressions are used to identify forward looking information. Specific forward-looking statements in this press release include information concerning the expected date of disbursements and Jura's intention to utilize the Facilities to finance its capital expenditure programme and working capital requirements.

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 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, 2013, available on SEDAR at www.sedar.com, for further description of the risks and uncertainties associated with Jura's business.

Contact Information