Jura Energy Corporation: Sara-4 Completion and Test Results

CALGARY, ALBERTA--(Marketwired - Jan. 25, 2016) - Jura Energy Corporation (TSX:JEC) ("Jura") is pleased to update that the development well Sara-4, in the Sara Lease, has been successfully completed in the Sui Upper Limestone formation of Eocene age. During a 7 hour post-completion test on a 20/64 inch choke, the well flowed gas at an average rate of approximately 1.6MMcf/d (0.96MMcf/d net to Jura) with an average wellhead flowing pressure of approximately 730 psi.

The development well Sara-4 was drilled to a total depth of 1120 meters. 

Sara-4 is located approximately 0.3 km from the existing Sara and Suri gas pipeline infrastructure. Anticipated future production from Sara-4 is expected to be entitled to a gas price of US$2.30 per MMBtu, based on carriage and freight price of crude oil of US$27 per barrel, under the Government of Pakistan's ("GoP") Modified 1994 Petroleum Policy (i.e., the GoP's Policy framework of 2000).

The Sara Lease covers an area of 82.72 km² and is located in the Middle Indus Basin of Pakistan, close to major industrial gas markets and infrastructure.

Jura is the operator of Sara Lease with a 60% working interest.

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 trading under the symbol JEC. Jura conducts its business in Pakistan through its wholly-owned 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 "approximately", "anticipated", "expected" "entitled" and similar expressions are used to identify forward looking information. Specific forward-looking statements in this press release include information concerning anticipated future production from Sara-4 and the entitlement of gas price under the GoP's Modified 1994 Petroleum Policy i.e. Policy framework of 2000 for production from Sara-4.

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: 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, competition, the ability to access sufficient capital from internal and external sources and changes in applicable law. 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 Annual Information Form for the year ended December 31, 2014, available on SEDAR at www.sedar.com, for further description of the risks and uncertainties associated with Jura's business.

Caution regarding well test results

Test rates are not necessarily indicative of long-term performance or of ultimate recovery. Neither a pressure transient analysis nor a well-test interpretation has been carried out and the data should be considered to be preliminary until such analysis or interpretation has been done.