Jura Completes Development Well Reti-2 in Pakistan

Source: www.gulfoilandgas.com 5/6/2015, Location: Asia

Jura Energy Corporation (Jura) is pleased to provide an update on its operations in Pakistan. Guddu Block Reti-2 development well after successful drilling; the development well Reti-2 has been completed in the Pirkoh Limestone formation of Eocene age.

Production from Reti-2 is expected to commence in June 2015 after tie-in with the existing production facilities. Jura holds a 10.66% working interest in the Reti lease, which is operated by Oil and Gas Development Company Limited.

Commencement of production from Maru East-1Production from Maru East-1 has commenced after allocation of gas from the well to Engro Fertilizers Limited, the existing buyer of gas from Reti Maru gas fields in the Guddu Block. Currently, the well is producing gas at the rate of approximately 2.6MMcf/d (Jura share 0.3 MMcf/d).

Production from Maru East-1 is expected to be entitled to a gas price of approximately US$ 5.11 per MMB tu, based on the cost and freight price of a basket of crude oil priced at US$ 70 per barrel, under Pakistan Petroleum (Exploration & Production)Policy, 2012.Jura holds a 10.66% working interest in the Maru East lease, which is operated by Oil and Gas Development Company Limited.

Ismail-1 exploration well The drilling of exploration well Ismail-1 in the Guddu block has commenced. The projected depth of the exploratory well is 840 meters, which will target the hydrocarbon potential of the Pirkoh Limestone formation of Eocene age. Exploration well Ismail-1 is located approximately2 km from the existing pipeline infrastructure in the Guddu Block.

Jura holds a 13.5% working interest in the Guddu exploration license, which is operated by Oil and Gas Development Company Limited. Sara and Suri Blocks Execution of Gas Pricing Agreement

The Government of Pakistan (“GoP”) has executed the Gas Pricing Agreement(“GPA”) for the Sara and Suri blocks. In accordance with the GPA, the following pricing will apply to the Sara and Suri gas:
•The gas will be sold to the buyer at the gas sales price for the power sector, as determined and notified by the GoP from time to time (the "Power Sector Gas Price"). The current notified price is approximately US$ 4.76 per MMBtu.

• Jura will receive a wellhead gas price equal to the lower of: o The Power Sector Gas Price; and o The price as determined under the GoP's Modified 1994 Petroleum Policy (i.e., the GoP’s Policy framework of 2000).

The wellhead gas price is therefore expected to be approximately US$ 3.32 perMMBtu, based on the cost and freight price of a basket of crude oil priced at US$ 70per barrel. To the extent the Power Sector Gas Price exceeds the wellhead gas price, the difference will be paid to the GoP as a gas development surcharge.

Jura is the operator of the Sara and Suri leases and holds a 60% working interest.


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