OGDCL Commences Gas Production from Reti-2 Well in Pakistan's Guddu Block

Canada-based Jura Energy Corporation (Jura) provided Friday an update on its operations in the Zarghun South and Guddu Blocks in Pakistan.

Zarghun South Block

After provisional notification of tight and conventional gas prices by the Government of Pakistan, the operator of the Zarghun South Block has issued gas sales invoices relating to sales during the period from August 2014 through April 2015. Jura’s share of these gas sale invoices is approximately $4 million, payment of which is expected to be received in late July.

Current production from the Zarghun South Block is approximately 14.3 million standard cubic feet per day (MMcf/d) (Jura share 5.7 MMcf/d). Based on current daily production, and assuming crude oil priced at $70 per barrel, Jura’s share of monthly revenue from the Zarghun South Block is approximately $0.70 million.

Jura holds a 40 percent working interest in the Zarghun South Block, which is operated by Mari Petroleum Company Limited.

Guddu Block

After tie-in with the existing gas pipeline infrastructure, production from development well Reti-2, in the Reti Lease, has commenced. Currently, the well is producing gas at the rate of approximately 3.1 MMcf/d (Jura share 0.33 MMcf/d).

Current production from the Guddu Block, including production from Reti-2, is approximately 15.5 MMcf/d (Jura share 1.65 MMcf/d). Based on current daily production, and assuming crude oil priced at $70 per barrel, Jura’s share of monthly revenue from the Guddu block is approximately $0.13 million.

Jura holds a 10.66 percent post commerciality working interest in the Guddu Block, which is operated by Oil and Gas Development Company Limited.

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