Sara and Suri Gas Allocation and Pricing
June 20 2014 - 4:05PM
Marketwired
Sara and Suri Gas Allocation and Pricing
CALGARY, ALBERTA--(Marketwired - Jun 20, 2014) - Jura Energy
Corporation ("Jura") (TSX:JEC) is pleased to announce that the
Government of Pakistan ("GoP") has approved the allocation of gas
from its Sara and Suri development and production leases to the
Central Power Generation Company Limited ("GENCO-II").
The GoP has advised that the following pricing shall apply to
the Sara and Suri gas:
- The gas shall be sold to GENCO-II at the gas sales price for
the power sector, as determined and notified by the GoP from time
to time (the "Power Sector Gas Price"). The current notified price
is approximately US$ 4.97 per MMBtu.
- Jura will receive a wellhead gas price equal to the lower of:
- The Power Sector Gas Price; and
- The price as determined under the GoP's Modified 1994 Petroleum
Policy i.e. Policy framework of 2000.
The wellhead gas price is therefore expected to be approximately
US$ 4.20 per MMBtu, based on the cost and freight price of a basket
of crude oil priced at US$ 100 per barrel. To the extent the Power
Sector Gas Price exceeds the wellhead gas price, the difference
will be paid to the GoP as a gas development surcharge.
Infrastructure and gas processing facilities are in place for
the Sara and Suri fields and Jura and its joint venture partners
anticipate that gas production from the Suri shut-in wells will
commence in Q4 2014.
Jura is the operator of the Sara and Suri leases and holds a 60%
working interest.
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 "will" "approximately"
"expected" "anticipate" and similar expressions are used to
identify forward looking information. Specific forward-looking
statements in this press release include information concerning the
expected price for Sara and Suri gas and commencement of production
from Suri shut-in wells in Q4 2014.
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.
Jura Energy CorporationMr. Shahid HameedInterim CEO+92 51 282
5011+92 51 287 0331info@juraenergy.comwww.juraenergy.com