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Jura Announces Increase in Running Financial Facility and Operational Updates, Canadian Business Journal

CALGARY, Alberta, Sept. 19, 2022 (GLOBE NEWSWIRE) — Jura Energy Corporation (“Jura”) has entered into a supplemental short-term financing facility with its wholly-owned subsidiary, Spud Energy Pty Limited (“SEPL”) announced that Accordingly, the amount of the Facility will be reduced from Pakistani Rupees (“PKR”) to US$425 million (at the National Bank of Pakistan exchange rate of 19 September 2022, US$1 = PKR235.88) to PKR625 million (approximately PKR265 million). million USD).

The facility has been extended by JS Bank Limited, a related party of Jura, to a one-month Karachi Interbank Offer Rate of 16.07% using the rate published by the State Bank of Pakistan on 19 September 2022. ) plus 2. %, matures 12 months from the date of payment. Interest is paid quarterly in arrears.

Operation update

Jura also announced that flash floods caused by unusually heavy monsoon rains in Pakistan have damaged about 10 km of the Zagun South sales gas pipeline. As a result, production from Zarghun South Lease has stopped. There is no damage to the production equipment installed in the field and all field personnel are safely evacuated from the field location.

Zarghun South Joint Venture Partners and the purchaser of the sale gas are looking at ways to restore the pipeline as soon as possible. Jura said he believes pipeline repair work could take eight to 12 weeks and production from Zarghun South Lease is expected to resume in the fourth week of December 2022. increase.

The Zarghun South Lease covers an area of ​​124.22 square kilometers in the western part of the Sulaiman Fold and Thrust Belt in the Middle Indus Basin. Strategically located near the gas demand center of the city of Quetta.

Jura owns a 40% interest in Zarghun South Lease operated by Mari Petroleum Company Limited.

About Jura Energy Corporation

Jura is an international energy company engaged in the exploration, development and production of oil and natural gas in Pakistan. Jura is based in Calgary, Alberta and is listed on TSX-V under the symbol JEC. Jura operates in Pakistan through its subsidiaries Frontier Holdings Limited and Spud Energy Pty Limited.

positive recommendations

This press release contains certain forward-looking statements and forward-looking information within the meaning of the Canadian securities laws (collectively, “forward-looking statements”). The words “expect,” “will,” and similar expressions are used to identify forward-looking information. Certain forward-looking statements in this press release include information regarding the expected timeline for pipeline repair work to be completed and the expected timing of production resumption from the Zarghun South Lease. increase.

The forward-looking statements contained in this press release are made in light of management’s experience in the field in which Jura is currently active, current conditions, expected future developments and other factors. based on management’s beliefs, estimates and opinions as of the date hereof. Management believes it is appropriate for the situation. Jura undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as 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 a number of assumptions, risks and uncertainties that may contribute to the fact that the anticipated results may not occur, including those beyond Jura’s control. . These assumptions and risks include, but are not limited to: operational risks in exploration, development and production; delays or changes in plans for exploration or development projects or capital investments; and the risks associated with the gas industry generally, the inaccuracy of resource and reserve estimates, assumptions about timing and costs associated with production and development, and the availability and prices of labor and equipment, weather, commodity prices; and exchange rate volatility and assumptions; marketing and transportation risks; environmental risks; ability to access adequate capital from internal and external sources; Risks arising from economic conditions and impacts on public markets, Jura’s business, Jura’s readiness capacity Approve the necessary documents in a timely manner. Furthermore, doing business in Pakistan involves economic, political, social and other risks. There can be no assurance that any forward-looking statements will prove to be accurate, as actual results or future events could differ or differ materially from those anticipated in such statements. See Jura’s Annual Information Form for the year ended December 31, 2021. www.sedar.comfor more information on the risks and uncertainties associated with Jura’s business.

Please contact us for more information.

Muhammad Nadeem Farouk, CEO
Phone: +92 51 2270702-5
Fax: +92 51 227 0701
Website: www.juraenergy.com
Email: [email protected]

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

CBJ Newsmaker

Jura Announces Increase in Running Financial Facility and Operational Updates, Canadian Business Journal

Source link Jura Announces Increase in Running Financial Facility and Operational Updates, Canadian Business Journal

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