Jura Energy Corporation

Jura Energy Corporation

July 18, 2017 17:12 ET

Jura Announces Gas and Condensate Discovery in Badin IV North

CALGARY, ALBERTA--(Marketwired - July 18, 2017) - Jura Energy Corporation ("Jura") (TSX VENTURE:JEC) is pleased to announce a gas and condensate discovery at its Zainab-1 exploratory well in the Badin IV North exploration license.

The drilling of Zainab-1 commenced on June 5, 2017 and reached the targeted depth on June 28, 2017. The well was logged and completed in the Lower Goru "B" Sands of Cretaceous age. Post-completion surface well testing was conducted after perforating selective intervals of approximately 16.5 meters. A summary of the well testing results carried out at various choke sizes is as follows:

Choke size Test duration Average gas flow rates Condensate rate Water
Wellhead flowing pressure
hours MMscf/d Bbl/d Bbl/d Psi
32 / 64" 12 10.20 451 72 2,133
40 / 64" 12 14.30 500 130 2,026
48 / 64" 12 19.04 500 130 1,861
56 / 64" 24 23.04 772 54 1,724

The Zainab-1 well is located only 1.5 kilometers from existing gas pipeline infrastructure.

Commercial production from Zainab-1 is expected to be entitled to gas and condensate price of US$ 4.44/MMBtu and US$ 46.5/Bbl respectively, based on a carriage and freight crude oil price of US$50/Bbl, under Pakistan's Petroleum Exploration and Production Policy, 2012.

Jura holds a 27.5% working interest in the Badin IV North exploration license, which is operated by Petroleum Exploration (Private) Limited.

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-V 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 "approximately", "entitled", and similar expressions are used to identify forward looking information. Specific forward-looking statements in this press release include information concerning post-completion surface test results of Zainab-1 and the entitlement of gas and condensate prices under Pakistan's Petroleum Exploration & Production Policy, 2012 for production from Zainab-1.

The forward-looking statements contained in this press release are based on management's beliefs, estimates and opinions on the date the statements and 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, 2016, available on SEDAR at www.sedar.com, for further description of the risks and uncertainties associated with Jura's business.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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