Jura Energy Corporation

Jura Energy Corporation

January 09, 2017 16:10 ET

Jura Announces Zarghun South-3 Completion and Test Results

CALGARY, ALBERTA--(Marketwired - Jan. 9, 2017) - Jura Energy Corporation ("Jura") (TSX VENTURE:JEC) is pleased to provide the following update that the Zarghun South-3 development well ("ZS-3"), in the Zarghun South Development and Production Lease ("Zarghun South Lease"), has been successfully completed as a gas producing well in the Dunghan Limestone formation of Paleocene age.

ZS-3 was drilled as a deviated well to a total measured depth of 1820 meters.

During the short duration post completion test, the well flowed gas at an average rate of 10.5 MMcf/d at 32/64-inch choke size, having a heating value of approximately 920 Btu/Scf, with an average wellhead flowing pressure of 1800 psi.

The tie-in of ZS-3 with the gas processing facilities is complete and production is expected to commence shortly. Anticipated future production from the ZS-3 is expected to be entitled to a gas price of US$ 5.52 per MMBtu, based on a carriage and freight crude oil price of US$55 per barrel, under the Tight Gas (Exploration & Production) Policy, 2011.

Jura holds a 40% working interest in the Zarghun South Lease, which is operated by Mari Petroleum Company 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 "entitled", "anticipated", "expected" and similar expressions are used to identify forward looking information. Specific forward-looking statements in this press release include information concerning anticipated future production from ZS-3, the timing of commencement of production from ZS-3 and the entitlement of gas price under the Tight Gas (Exploration & Production) Policy, 2011 for production from ZS-3.

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, 2015, available on SEDAR at www.sedar.com, for further description of the risks and uncertainties associated with Jura's business.

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