Mr. Nadeem Farooq reports

SALE OF WORKING INTERESTS IN ZARGHUN SOUTH AND NARELI BLOCK

Jura Energy Corp.'s wholly owned operating subsidiary Spud Energy Pty. Ltd. has entered into agreements with its joint venture partner Mari Petroleum Company Ltd. (MPCL) for the sale of Spud's 40-per-cent working interest in the Zarghun South concession and 27.55-per-cent working interest in the Nareli block in Pakistan. MPCL is the operator of both assets. Jura's management is of the considered view that Spud should exit from Zarghun South as the field is approaching its economic limit in which case significant abandonment and reclamation obligations would be triggered, unless further successful infill drilling is undertaken. Further, Jura anticipates significant near-term cash calls related to both the Zarghun South and Nareli assets for which financing is not readily available. The transactions remain subject to regulatory approval in Pakistan as well as customary closing conditions, and are anticipated to close near the end of the second quarter of 2024.

Zarghun South

Spud is a party to, among other related agreements, the Zarghun South development and production lease dated Sept. 16, 2004, among the government of Pakistan (the GoP), Spud, MPCL and the other joint venture partners, as amended and supplemented. Spud has a 40-per-cent working interest in the Zarghun South lease under the Nov. 30, 1994, Bolan petroleum concession agreement. It covers an area of 124.22 square kilometres and is located in the western part of the Sulaiman fold and thrust belt of the Middle Indus basin in Pakistan and is located near the gas demand centre of the city of Quetta.

Spud will assign its entire 40-per-cent working interest in and under the Zarghun South lease to MPCL with effect from Nov. 1, 2023, subject to the GoP's approval and other customary closing conditions, pursuant to a farmout agreement and deed of assignment between Spud and MPCL dated Jan. 30, 2024. In consideration for the assignment of Spud's 40-per-cent working interest, MPCL agreed to assume all present and future obligations of Spud related to the Zarghun South lease.

The impact of the Zarghun South assignment on Jura will be as follows: The current production at Zarghun South is approximately three million cubic feet per day (1.2 MMcf/d net to Spud). Spud's monthly revenue from Zarghun South is approximately $225,000 (U.S.) and after deducting operating costs and royalties, the net monthly cash flow to Spud is approximately $20,000 (U.S.). As at Dec. 31, 2022, Zarghun South had proved plus probable reserves of 3.197 billion cubic feet (1.279 Bcf net to Spud) with a net present value of $3.4-million (U.S.). However, unless further successful infill drilling is undertaken, the Zarghun South field is expected to reach its economic limit in early Q2 of 2024, and the current estimated abandonment cost is approximately $16-million (U.S.) ($6.4-million (U.S.) net to Spud).

Nareli block

Spud is a party to the Nareli petroleum exploration licence No. 502/PAK/2021 over Nareli block No. 3068-9 dated Oct. 13, 2021, and the Nareli petroleum concession agreement dated Oct. 13, 2021, executed with the GoP as well as a joint operating agreement. The Nareli block covers an area of approximately 2,414.95 square kilometres and is located in the Harnai, Sibi and Loralai districts in the Balochistan province of Pakistan.

Spud will assign its entire 27.55-per-cent working interest in and under the Nareli concession documents to MPCL, with effect from Oct. 13, 2021, subject to the GoP's approval and other customary closing conditions, pursuant to a farmout agreement and deed of assignment with regard to the Nareli assignment between Spud and MPCL dated Jan. 31, 2024. In consideration for the assignment of Spud's 27.55-per-cent working interest MPCL will assume Spud's share of all present and future work commitments related to the Nareli concession documents.

The Nareli block has significant exploration potential but no established reserves. Jura has retained a back-in right to acquire a 10-per-cent working interest in Nareli, subject to certain conditions including that it must be exercised prior to approval of an exploration well, and reimbursement of the full amount of past costs corresponding to a 10-per-cent working interest plus $500,000 (U.S.).

About Jura Energy Corp.

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, Alta., and listed on the TSX Venture Exchange trading under the symbol JEC. Jura conducts its business in Pakistan through its subsidiaries, Frontier Holdings Ltd. and Spud Energy Pty. Ltd.

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