Jura Announces Enhancement of Al Baraka Financing Facility
CALGARY, ALBERTA--(Marketwired - March 20, 2017) - Jura Energy Corporation ("Jura") (TSX VENTURE:JEC) is pleased to announce that its wholly-owned subsidiary Spud Energy Pty Limited ("SEPL") has entered into a third Musharaka Agreement, with Al Baraka Bank Pakistan Limited ("ABPL"), the lead arranger, acting on behalf of itself and other participants in the syndicate, in the amount of Pakistan Rupee ("PKR") 170 million (approximately US$1.62 million using the Bank of Canada's March 17, 2017 exchange rate of PKR 104.7727 = US$1.00) pursuant to which the amount of SEPL's existing Syndicated Credit Facility has been increased from PKR 1,060 million (approximately US$10.12 million) to PKR 1,230 million (approximately US$11.74 million).
The terms of the third Musharaka Agreement are consistent with the terms of the existing Syndicated Credit Facility, which carries a mark-up at the rate of 3-month KIBOR plus 2.75%, payable quarterly in arrears, except for the following:
- the facility tenor is four years; and
- the principal is repayable in twelve quarterly installments and will commence after a grace period of one year from the date of disbursement.
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 "will", "approximately", and similar expressions are used to identify forward looking information.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Mr. Shahid Hameed
+92 51 2270702-5
+92 51 227 0701 (FAX)