CALGARY, Feb. 11 /CNW/ - Jura Energy Corporation ("Jura") is pleased to
provide the following update on operations.
The Khanpur 2 well that was completed in January has been tied-in to the
Block 22 processing facilities. The Operator, Petroleum Exploration (Pvt.)
Limited ("PEL"), is currently producing the well at approximately 3 MMcf/d and
will increase the production gradually over the next few weeks.
The Hasan 3 well, which was completed in October 2007 and tied-in in
January 2008, is now producing at 2.45 MMcf/d, up from 2 MMcf/d in January,
and will be further increased over the coming weeks.
Drilling is expected to commence at the Sadiq 2 site in mid-March 2008,
following construction of an access road which is underway.
Sadiq 2 will be the third well drilled within Block 22 since September of
2007, and follows the successful drilling and completion of Hasan 3 in October
2007 and Khanpur 2 in January 2008 as described above. Following completion of
the Sadiq 2 well, it is expected that the rig will be moved to the Hamza
appraisal area for further drilling.
Jura holds a 10.5% participating interest in Block 22 through its
subsidiary, Pyramid Energy International Inc.
To date, 1373 km of 2D seismic has been acquired over Jura's blocks
including Salam (88 km), Mirpur Mathelo (254 km), Kandra (361 km), Badin IV
North (301 km), Block 22 (62 km) and the Hamza appraisal area (134 km). The
seismic crew under contract has completed 173 km of a 394 km 2D seismic
program over the Badin IV South Block. In addition, Jura and PEL will have
access to 980 km2 and 626 km2 of 3D seismic data previously shot over the
Badin IV North and Badin IV South Blocks respectively. Seismic processing is
currently taking place at CGG in Tunisia. The processed results of surveys are
being interpreted at the Company's technical office in Islamabad. The seismic
results are encouraging; Jura and PEL are taking steps to secure a 2000 hp
drilling rig with a view to commencing the exploratory drilling program by
SUKKUR POWER STATION
The Kandra Power Company (Pvt.) Ltd. ("KPC") has engaged an international
engineering firm to complete a detailed engineering study for the
refurbishment of the Sukkur Power Station. The study covers all engineering
issues relevant to the refurbishment, including plant design, facilities
optimization, environmental examination, and all necessary site data and
surveys. It is expected that this study will be complete by July 2008.
The commencement of the study follows the execution by the KPC of a
formal Letter of Interest with the Government of Pakistan, Ministry of Water
and Power (Private Power Infrastructure Board) for the refurbishment of the
Jura holds a 50% interest in the KPC through its subsidiary, Frontier
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.
Forward-looking statements: This document contains statements about
expected or anticipated future events and financial results that are
forward-looking in nature and, as a result, are subject to certain risks and
uncertainties, such as general economic, market and business conditions, the
regulatory process and actions, technical issues, new legislation, competitive
and general economic factors and conditions, the uncertainties resulting from
potential delays or changes in plans, the occurrence of unexpected events, and
the Corporation's capability to execute and implement its future plans. Actual
results may differ materially from those projected by management. For such
statements, we claim the safe harbour for forward-looking statements within
the meaning of the Private Securities Legislation Reform Act of 1995.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.
For further information:
For further information: Mr. Nigel McCue, President & CEO, Mr. Graham
Garner, Executive Vice President, Tel: (403) 266-6364, Fax: (403) 266-6365,
Website: www.juraenergy.com, E-Mail: email@example.com