Jura Announces Gas and Condensate Discovery in Badin IV South
February 18 2014 - 8:25AM
Marketwired
Jura Announces Gas and Condensate Discovery in Badin IV South
CALGARY, ALBERTA--(Marketwired - Feb 18, 2014) - Jura Energy
Corporation ("Jura") (TSX:JEC) today announced a gas and condensate
discovery at the Ayesha-1 exploration well in the Badin IV South
block.
The Ayesha-1 well
was completed in the 'B' Sands of the Lower Goru Formation of
Cretaceous age. During a short test on 32/64 inch choke, the well
flowed gas with a heating value of approximately 1,000 Btu/Scf at a
rate of 11.34 MMcf/d and a wellhead flowing pressure of 1,998 psi.
The condensate to gas ratio was in the range of 10-12 bbl/MMcf with
minimal water cut production. Detailed testing of Ayesha-1 will
continue over the next few days.
Anticipated future
production from the Ayesha-1 discovery is expected to be entitled
to a gas price of US$6 per MMBtu under Pakistan?Çfs Petroleum
(Exploration & Production) Policy, 2012.
Shahid Hameed, CEO
of Jura, commented on the Ayesha-1 test results saying: "We are
delighted with the successful test results. Given Ayesha-1's
proximity to existing processing and pipeline infrastructure, this
commercial discovery could be brought into production on a
fast-track basis. Our Badar and Guddu fields are already in
production and first gas production is anticipated from Zarghun
South in the first half of 2014."
The drilling rig has
now been released from Ayesha-1 and mobilized for the drilling of
another exploration well, Haleema-1, in the Badin IV South block.
The drilling of Haleema-1 is expected to commence in the first week
of March 2014.
Jura holds a 27.5%
working interest in the Badin IV South block, which is operated by
Petroleum Exploration (Pvt) 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 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", "will",
"continue", "entitled", could", "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 gas
production from Ayesha-1 and Zarghun South, detailed testing of
exploratory well Ayesha-1, entitlement of gas price under Pakistan
Petroleum (Exploration & Production) Policy, 2012 for Ayesha-1
discovery and commencement of drilling of Haleema-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, 2012, available on SEDAR at
www.sedar.com, for further description of the risks and
uncertainties associated with Jura's business.
Jura Energy CorporationMr. Shahid HameedInterim CEO+92 51 282
5011+92 51 287 0331info@juraenergy.comwww.juraenergy.com