Jura Announces Filing of Year End 2023 Financial Statements, MD&A and Reserves Report and Reconciliation of Reserves

CALGARY, Alberta, April 29, 2024 (GLOBE NEWSWIRE) -- Jura Energy Corporation ("Jura" or the "Company") today announced the filing on SEDAR+ of its consolidated annual audited financial statements and management’s discussion and analysis for the years ended December 31, 2023 and 2022, as well as National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities, Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information as of December 31, 2023 (the “2023 Reserves Report”).

Update on Arbitration Regarding Badin IV North and South Blocks

From time to time, Jura and its operating subsidiaries Spud Energy Pty Limited (“Spud”) and Frontier Holdings Limited ("FHL") may become involved in legal or administrative proceedings in the normal conduct of business. As previously disclosed by Jura, in 2022, Petroleum Exploration (Private) Limited (“PEL”), the operator of the Badin IV North and South blocks (together “Badin Blocks”), attempted to invoke the forfeiture of FHL’s 27.5% working interest in the Badin Blocks for alleged non-payment of cash calls, which FHL maintains was improper. Jura disputes PEL’s actions and the cash call and has initiated two arbitration proceedings against PEL (collectively, the “PEL Arbitrations”). For more information, see “Provisions, contingencies and commitments - Contingencies and Commitments - Litigation” in Jura’s management’s discussion and analysis for the years ended December 31, 2023 and 2022 (the “2023 MD&A”), which has been filed today on SEDAR+.

Pending Sale of Working Interests in the Zarghun South Lease and Nareli Exploration License

As announced by Jura on February 1, 2024, Spud has entered into agreements with its joint venture partner, Mari Petroleum Company Limited (“MPCL”), for the sale of Spud’s 40% working interest in the Zarghun South Lease and 27.55% working interest in the Nareli Exploration License in Pakistan. MPCL is the operator of both assets. The transactions remain subject to regulatory approval in Pakistan as well as customary closing conditions, and are anticipated to close near the end of Q2 2024. For more information, see “Overview of the Company and its Operations” in Jura’s 2023 MD&A, which has been filed today on SEDAR+.