|By Marketwired .||
|August 13, 2014 02:27 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 08/13/14 -- Jura Energy Corporation (TSX:JEC) ("Jura") is pleased to announce the commencement of commercial production from the Zarghun South gas field in the Zarghun South Block.
Approximately 4 MMcfd (1.6 MMcfd net to Jura) of gas from the field is being sold to Sui Southern Gas Company Limited ("SSGCL") under an Interim Gas Sale Arrangement (the "Interim Arrangement"). This Interim Arrangement was approved by the Joint Venture partners pending the installation and commissioning of an Amine Sweetening Unit ("ASU"), used to remove carbon dioxide and hydrogen sulphide from the inlet gas stream. During this Interim Arrangement, a chemical scavenger is being used in place of the ASU. The gas sold during this interim period will be "off specification", as this gas will not fully meet the specified composition standard agreed under the original Gas Sale Agreement with SSGCL. This Interim Arrangement will continue until the ASU becomes fully operational, which is expected to occur in October 2014.
Approximately 80% of Zarghun South's reserves are certified as "tight gas" under Pakistan's Tight Gas (Exploration and Production) Policy, 2011. The tight gas is expected to be entitled to a price of US$ 6.74 per MMBtu. Zarghun South gas has a heating value of approximately 900 Btu/Scf. Under the terms of the Interim Arrangement, the "off specification" gas will be sold at a discount of 30% to the price that would otherwise be applicable to the gas. Based on the expected gas price of US$ 6.74 per MMBtu, management of Jura expects that monthly revenue (net of royalty of 12.5% of the value of petroleum and price discount of 30%) to Jura from the Zarghun South gas field during the interim period will be approximately US$ 170,000.
The Zarghun South lease covers an area of approximately 124 sq.km in the western part of the Sulaiman Fold and Thrust Belt of the Middle Indus Basin. It is strategically located near the gas demand centre of the city of Quetta.
Jura holds a 40% working interest in the Zarghun South lease, which is operated by Mari Petroleum Company 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", "expected", "entitled" and similar expressions are used to identify forward looking information. Specific forward-looking statements in this press release include information concerning the expected timeline for the installation and commissioning of the ASU, the entitlement to a price of US$ 6.74 per MMBtu for tight gas under the Pakistan Tight Gas (Exploration and Production) Policy, 2011 and the expected monthly revenue from Zarghun South.
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.
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