Petroleum Exploration Commences Drilling Pakistan Program
Jura has been advised that Petroleum Exploration (PVT) Limited, the operator of Jura's blocks in Pakistan, has concluded all major service contracts required for the 2011 drilling program. The contracts include the provision of drilling rig by CNPC Shuanqing Drilling Engineering Company for a two-well program. The contract can be terminated without penalty following completion of the first well of the program.
The rig will be mobilized to the Wahid-1 well location in the Badin IV North Block for the drilling of a 2,300 meter well to target the A and B sands of the Lower Goru. It is anticipated that drilling of the well will commence in May of 2011. The joint venture partners have elected to defer a decision on the location of the second well of the program at this time.
Jura holds a 27.5% working interest in the Badin IV North Block and is carried through substantially all of its share of the anticipated well cost of US $5.4 million (gross).