Jura Announces Favorable Award on Costs under the Settlement Agreement Arbitration
CALGARY, Alberta, April 03, 2025 (GLOBE NEWSWIRE) -- Jura Energy Corporation ("Jura" or the "Company") is pleased to announce that it has received a favorable ruling on costs in its International Chamber of Commerce (“ICC”) arbitration proceedings involving Jura’s operating subsidiaries, Spud Energy Pty Limited (“Spud”) and Frontier Holdings Limited ("FHL”) (together the “Claimants”), claiming against Petroleum Exploration (Private) Limited (“PEL”), the operator of the Badin IV North and South blocks (together the “Badin Blocks”).
The amount of costs awarded to the Claimants is approximately US$ 0.54 million. PEL is liable to pay the awarded costs to the Claimants on or before June 29, 2025. If any portion of the costs remain unpaid thereafter, such unpaid costs shall accrue interest at the rate of 2% per month on a compound basis until paid.
Jura is working with its legal team to pursue enforcement of the cost award against PEL. Enforcement will necessarily require pleadings to be made in Pakistani Courts. While Jura is confident of achieving enforcement of the arbitration award (as previously disclosed on December 19, 2024) and the cost award, the legal process is likely to extend into the medium-term. Jura anticipates providing shareholders with updates to the enforcement process as major milestones are achieved.
About Jura Energy Corporation
Jura is an international energy company engaged in the exploration, development and production of petroleum and natural gas properties in Pakistan. Jura is based in Calgary, Alberta, and listed on the TSX-V trading under the symbol JEC. Jura conducts its business in Pakistan through its subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited.
Forward Looking Advisory
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. The words "will", "approximately", and similar expressions are used to identify forward looking information. Specific forward-looking statements in this press release include information regarding the estimated amount of costs, and the ability of Jura, and the anticipated timeline, to enforce the arbitration award and the cost award against PEL.
The forward-looking statements contained in this press release are based on management's beliefs, estimates and opinions on the date the statements are made in light of management's experience, current conditions and expected future development in the areas in which Jura is currently active and other factors management believes are appropriate in the circumstances. Jura undertakes no obligation to update publicly or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise, unless required by applicable law.
Readers are cautioned not to place undue reliance on forward-looking information. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties that contribute to the possibility that the predicted outcome will not occur, including some of which are beyond Jura's control. These assumptions and risks include, but are not limited to: uncertainty relating to the outcome of arbitration in which Jura and its subsidiaries are involved, the risks associated with the oil and gas industry in general such as operational risks in exploration, development and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the imprecision of resource and reserve estimates, assumptions regarding the timing and costs relating to production and development as well as the availability and price of labour and equipment, weather, volatility of and assumptions regarding commodity prices and exchange rates, marketing and transportation risks, environmental risks, the ability to access sufficient capital from internal and external sources, changes in applicable law, and risks resulting from the potential for ongoing or future global pandemics and their effects on general economic conditions and public markets, Jura’s business, and the ability of Jura to prepare and approve required filings in a timely manner. Additionally, there are economic, political, social and other risks inherent in carrying on business in Pakistan. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. See Jura's Management’s Discussion and Analysis for the year ended December 31, 2023, available on SEDAR+ at , for further description of the risks and uncertainties associated with Jura's business.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Stephen Smith, Chairman, Jura Energy Corporation
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
