Award of Petroleum Exploration Rights in Nareli Block

CALGARY, Alberta, Oct. 16, 2021 (GLOBE NEWSWIRE) -- Jura Energy Corporation ("Jura" or the "Company") announced today that the Government of Pakistan has awarded petroleum exploration rights in the Nareli Block (3068-9) to Jura’s wholly-owned subsidiary Spud Energy Pty Limited (“SEPL”) and its Joint Venture partners Mari Petroleum Company Limited (“MPCL”) and Pakistan Oilfields Limited (“POL”).

MPCL is the operator of the Nareli Block with a 39% working interest, whereas SEPL and POL have a 29% and 32% working interest, respectively. Balochistan Energy Company Limited, the holding company of Balochistan Province, shall have an option to participate in the Nareli Block with a 2.5% carried working interest, while Government Holdings (Private) Limited may opt to participate in the Nareli Block with a 2.5% paying working interest.

The Nareli Block geologically lies in the Central Indus Basin of Pakistan and falls in the hydrocarbon prospectivity Zone-II. The Joint Venture partners are considering an aggressive exploration plan to evaluate the full hydrocarbon potential of the Block, which may include acquisition of seismic data and drilling of exploratory wells subject to the delineation of commercially drillable prospects.

The Nareli Block covers an area of approximately 2,414.95 square kilometres and is located in Harnai, Sibi and Loralai districts in the Balochistan Province of Pakistan.

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. Specific forward-looking statements in this press release include information concerning the considerations of an exploration plan of the Nareli Block and the ability to exercise participation rights by Balochistan Energy Company Limited and Government Holdings (Private) Limited.