Mr. Nadeem Farooq reports

JURA ANNOUNCES FILING OF YEAR END 2023 FINANCIAL STATEMENTS, MD&A AND RESERVES REPORT AND RECONCILIATION OF RESERVES

Jura Energy Corp. has filed on SEDAR+ its consolidated annual audited financial statements and management's discussion and analysis for the years ended Dec. 31, 2023, and 2022, as well as National Instrument 51-101 -- Standards of Disclosure for Oil and Gas Activities, Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information as of Dec. 31, 2023 (the 2023 reserves report).

Update on arbitration regarding Badin IV North and South blocks

From time to time, Jura and its operating subsidiaries Spud Energy Pty. Ltd. and Frontier Holdings Ltd. (FHL) may become involved in legal or administrative proceedings in the normal conduct of business. As previously disclosed by Jura, in 2022, Petroleum Exploration (Private) Ltd. (PEL), the operator of the Badin IV North and South blocks (together Badin blocks), attempted to invoke the forfeiture of FHL's 27.5-per-cent working interest in the Badin blocks for alleged non-payment of cash calls, which FHL maintains was improper. Jura disputes PEL's actions and the cash call and has initiated two arbitration proceedings against PEL (collectively, the PEL arbitrations). For more information, see "Provisions, contingencies and commitments - Contingencies and Commitments - Litigation" in Jura's management's discussion and analysis for the years ended Dec. 31, 2023, and 2022 (the 2023 MD&A), which has been filed today on SEDAR+.

Pending sale of working interests in the Zarghun South lease and Nareli exploration licence

As announced by Jura on Feb. 1, 2024, Spud 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 Lease and 27.55-per-cent working interest in the Nareli exploration licence in Pakistan. MPCL is the operator of both assets. The transactions remain subject to regulatory approval in Pakistan as well as customary closing conditions, and are anticipated to close near the end of Q2 2024. For more information, see "Overview of the Company and its Operations" in Jura's 2023 MD&A, which has been filed today on SEDAR+.

Impact on 2023 reserves

In connection with the PEL arbitrations, PEL has refused to provide information regarding the Badin blocks to Jura and its independent reserves evaluators and, therefore, no current information regarding the Badin blocks appears in Jura's 2023 reserves report. Jura's 2023 reserves report therefore contains technical revisions which include a significant downward revision reflecting: (i) the exclusion of any reserves previously attributed to the Badin IV North and Badin IV South blocks due to the unavailability of information reasonably necessary to enable Jura to estimate reserves for those properties as of Dec. 31, 2023; and (ii) dispositions representing remaining recoverable reserves of the Zarghun South lease effective Nov. 1, 2023, which Jura has agreed to assign to MPCL. As a result, Jura's 2023 reserves report indicates a decrease in the amount of Jura's proved plus probable reserves from 2,601,000 barrels of oil equivalent (Boe) as at Dec. 31, 2022, to 535,000 Boe as at Dec. 31, 2023, as follows: (i) 1,366,000 Boe for technical revisions, which includes 1,182,000 Boe relating to lack of information for the Badin blocks; (ii) 474,000 Boe related to the disposition at Zarghun South; and (iii) 226,000 Boe related to production during the year. For more information, see the reserves report, and in particular "Significant Factors or Uncertainties - Exclusion of Reserves" in the reserves report available on SEDAR+. Upon resolution of the PEL arbitrations and regularized access to operating and production information for the Badin blocks, Jura anticipates being able to provide an update on remaining reserves for the Badin blocks.

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 and Spud Energy.

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