Jura Energy Announces Long-Term Drilling Contract
Nigel McCue, President and CEO of Jura Energy Corporation ("Jura"), announced that Petroleum Exploration (Pvt) Limited, the Operator of its concessions in Pakistan, has entered into a long term contract with Weatherford Drilling International for the provision of a new National Oilwell Varco 1500 hp IDEAL drilling rig.
The rig is presently located in Houston Texas and will be shipped to Pakistan following its commissioning, expected April 7, 2008. The spud date for the first exploration well of the drilling program is expected to be between July 1 and July 31, 2008 depending upon shipping availability.
In the last year, 1,523 km of 2D seismic data has been acquired over the Jura concessions. In addition, over 1600 km2 of 3D data has been purchased over the Badin IV North and Badin IV South blocks. "The results of the seismic surveys have been encouraging," said Mr. McCue, "we are very excited to be announcing the commencement of our high impact exploration drilling program."
Jura Energy Corporation conducts its business in Pakistan through its subsidiaries, Frontier Holdings Limited and Pyramid Energy International Inc., as well as through its 50% interest in the Kandra Power Company (Pvt) Limited.
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