ISLAMABAD, PAKISTAN, Sept. 30 /CNW/ - Gulf Petroleum Exploration
International ("GPX"), Kuwait, and Jura Energy Corporation ("Jura"), Canada,
are pleased to announce the following:
GPX, Petroleum Exploration (Pvt) Limited ("PEL"), and Jura have entered
into an agreement in respect of six exploration concessions in Pakistan.
Pursuant to the agreement, Jura and PEL will each assign a 12.5% interest in
the following concessions to GPX: Badin IV North, Badin IV South, Kandra
(excluding Sui Main Limestone development), Salam, Mirpur Mathelo, and Karsal.
The agreement is subject to certain conditions, including the execution of
definitive assignment agreements by all parties and the Government of
Pakistan. In the event such conditions are fulfilled, the assignments will
close with an effective date of April 1, 2008.
Mr. Abdullatif Al-Tourah, the Chairman of GPX said, "GPX has targeted
Pakistan as a focus country for investment and we are delighted to have this
opportunity to participate in a material exploration well program. We were not
only attracted by the acreage, but also the very strong joint venture
partnership of PEL and Jura. We hope that this will be the first of many
projects for GPX in Pakistan."
Following the closing of the transaction, the parties' working interests
in the relevant blocks will be as follows:
Jura PEL GPX Holdings Ltd.
Badin IV North 37.5% 37.5% 25.0% -
Badin IV South 37.5% 37.5% 25.0% -
Kandra (excluding SML) 35.0% 35.0% 25.0% 5%(*)
Salam 37.5% 37.5% 25.0% -
Mirpur Mathelo 35.0% 35.0% 25.0% 5%(*)
Karsal 37.5% 37.5% 25.0% -
(*) subject to the right to acquire an additional 20% interest pro rata
from the other joint venture partners upon declaration of a
Under the terms of the agreement, GPX's carry obligations to the joint
venture are to pay (i) 66.67% of the first US$6 million in expenditures to
drill the first 4 exploration wells of the work program in the blocks, (ii)
58.33% of the first US$6 million in expenditures to drill the next 5
exploration wells of the program in the blocks, and (iii) 50% of the first
US$6 million in expenditures to drill an additional 2 wells, contingent on
there being at least 4 commercial discoveries from the first 9 wells. In
addition, Jura will receive cash consideration of US$4.25 million from GPX
towards historical costs.
PEL, the operator of all the blocks, has entered into a long-term
contract with Weatherford Drilling International for the provision of a new
National Oilwell Varco 1500hp Ideal Drilling Rig. The rig has been shipped to
Pakistan and is currently drilling the Kandra 4-D well, the first of nine
committed exploration wells in the joint venture's exploration program.
Following the Kandra 4-D well, it is expected that the rig will be mobilized
to the Badin IV North block for the drilling of the Jamali Deep prospect.
Leads and prospects have also been identified in the Badin IV South, Salam and
Mirpur Mathelo Blocks.
"This is good news for Jura," said Graham Garner, Jura's acting CEO. "The
terms support our high expectations for the upcoming drilling program and the
validity of our technical work to date. GPX's strong technical team has
experience in Pakistan and will be an excellent addition to the existing joint
Jura Energy Corporation is an international energy company engaged in the
exploration, development and production of petroleum and natural gas
properties with activities conducted exclusively in Pakistan. Jura is based in
Calgary, Alberta, and listed on the Toronto Stock Exchange trading under the
symbol JEC. Jura conducts its operations in Pakistan through its subsidiaries,
Frontier Holdings Limited, the Kandra Power Company (Pvt.) Limited, and
Pyramid Energy International Inc.
Gulf Petroleum Exploration International (GPX International) is a
Kuwait-registered Company established in February 2007. GPX International is a
wholly-owned subsidiary of Gulf Energy Holdings. Using private capital, GPX
International plans to build an upstream oil and gas portfolio through
acquisition of interests in exploration, development and production projects
within the Middle East & North African regions. The parent, Gulf Energy
Holdings, is a Kuwait-registered Company with share capital of KWD 60 million
For further information:
For further information: Mr. Graham Garner, Executive Vice President,
and Acting CEO, Jura Energy Corporation, Tel: (403) 266-6364, Fax: (403)
266-6365, Website: www.juraenergy.com, E-Mail: firstname.lastname@example.org; Dr. Mike
McMurtry, Chief Executive Officer, GPX International, Tel: +(965) 2224-3843,
Fax: +(965) 2224-3847, Website: www.gpxkw.com, E-Mail: email@example.com