Jura Energy Corporation (Jura) announced Monday a potential gas discovery at the Aminah-1 exploration well in the Badin IV South block in Pakistan.
Jura holds a 27.5 percent working interest in the Badin IV South block, which is operated by Petroleum Exploration (Private) Limited (PEL). At the present time, PEL has not provided drilling depth, testing results or other status information with regard to the drilling of Aminah-1 directly to Jura, and Jura has not independently verified the discovery.
From time to time, Jura has been involved in various legal or administrative proceedings involving PEL. At present, Jura and PEL are in dispute with regard to, among other things, a past cash call for the Badin IV South block pursuant to which PEL has commenced proceedings with the Government of Pakistan to attempt the forfeiture of Jura’s working interest in the Badin IV South block. Jura and the other non-operated working interest holder challenged the validity of the cash call, which was in any event paid. Jura disputes the claim by PEL that Jura is in default under the Badin IV South joint operating agreement and that Jura’s working interest in the block is validly subject to forfeiture.
Jura will vigorously defend its interest in the Badin IV South block and further information with regard to the potential discovery as well as the proceedings with PEL will follow in due course.
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