CALGARY, June 11 /CNW/ -
Jura Energy Corporation ("Jura") is pleased to advise that the Operator
of its licence interests in Pakistan has entered into a contract with the Oil
& Gas Engineering Company of Sichuan Petroleum Administration ("SPA") to drill
three wells back-to-back commencing in September 2007. Negotiations are also
currently taking place with another rig owner to contract a second rig for a
one to two well program commencing in August 2007. These rigs will be assigned
to Block 22 and the Kandra field development project to drill targets of up to
Jura's management together with the Operator is also actively pursuing a
two well contract on a third rig to drill targets of up to 3500m. This rig
would be assigned to drill two of the Company's exploration targets early this
Additional details on specific wells and drilling dates will be issued as
they become available.
Status of Seismic Acquisition
Earlier this year, a seismic crew was contracted from SPA. The crew
commenced seismic acquisition in the Mirpur Mathelo block on February 8, 2007.
A total of 253.7 surface km of 2D seismic data was acquired over a period of
44 days, representing an acquisition rate of 5.76 km/day. Brute stack
processing carried out in the field indicates that the quality of the seismic
data at both the Sui Main Limestone ("SML") and Lower Goru Basal Sand ("LG")
targets is very good.
Seismic acquisition continued in the Salam block on March 12, 2007 where
a total of 88.425 surface km of 2D seismic data was acquired over a period of
26 days, representing an acquisition rate of 3.4 km/day. Data quality in
Salam, as indicated by brute stack processing, is also very good.
The seismic crew subsequently moved south and commenced seismic
acquisition in the Kandra field on May 20, 2007. 85.5 km of the 300+ km
program of full-fold 2D surface seismic data has been acquired to date. This
represents an acquisition rate of 5.7 surface km/day. Data quality acquired so
far is very good.
The field seismic data for both the Mirpur Mathelo and Salam blocks has
now been shipped to the seismic processing contractor, Spectrum-Geoplex, in
Cairo for full processing with results expected for the Mirpur Mathelo block
in approximately 12 weeks.
A second seismic crew has been mobilized to Block 22 and has commenced a
seismic acquisition program over the Hamza appraisal area. Consequently, the
SPA crew can be mobilized to Badin IV North and Badin IV South immediately
following completion of the program in the Kandra field.
The seismic program over each block has been designed to image targets at
both the SML (shallow) and LG (deep) levels.
The Kandra Power Company Limited ("KPC"), which is owned 50:50 with
Jura's partner Petroleum Exploration (Pvt) Limited, was established earlier
this year. On May 28, 2007, management met with senior officials at the
Private Power Infrastructure Board of Pakistan ("PPIB") concerning the status
of the Kandra gas-to-power project. The PPIB is responsible for implementing
the Government's polices on private sector investment in power generation
projects in Pakistan. The PPIB is anxious to see the Kandra field and Sukkur
power facility developed as soon as possible, and is offering its full support
going forward. KPC recently engaged a firm of industry consultants to perform
the front-end engineering and design study on the field development and the
results are anticipated within a period of three months.
As previously reported, the Company completed a $30 million bought deal
financing on June 6, 2007; as a result Jura is now well funded through a
significant portion of its drilling program.
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
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