Mr. Stephen Smith reports

JURA ENERGY CORPORATION PROVIDES CLARIFICATION REGARDING MEDIA REPORTS CONCERNING ITS PETROLEUM RIGHTS IN PAKISTAN

Jura Energy Corp. has provided clarification regarding a news article published by a Pakistani newspaper, Dawn, on Sept. 13, 2026, which reported the possible revocation of petroleum rights held by the company's subsidiaries, Spud Energy Pty. Ltd. (SEPL) and Frontier Holdings Ltd. (FHL), in Pakistan.

According to the media report, the petroleum division of the government of Pakistan has reportedly sought the advice of Pakistan's economic co-ordination committee (ECC), a cabinet-level decision-making body, regarding possible courses of action in connection with the March, 2025, transfer of a 73-per-cent shareholding in Jura by Phoenix Exploration to IDL Investments Ltd.

The article reports two options to be under consideration by the petroleum division: (i) revocation of the petroleum rights held by FHL and SEPL; or (ii) issuance of a warning to the company, followed by retrospective regularization of the share transfer.

Company's position

In July, 2025, Jura received a show cause notice from the petroleum division in relation to the share transfer. In Jura's response, SEPL and FHL explained the reasons why the share transfer did not require prior consent of the government under the applicable Pakistan Petroleum (Exploration and Production) Rules, 1986 and 2001. Jura's position was supported by an independent legal opinion from a renowned Pakistani lawyer.

In light of the matters reported in the media, Jura has written to the regulatory authorities to seek clarification regarding the matters referred to in the article, including the reported courses of action under consideration by the petroleum division.

Jura will continue to engage constructively with the relevant authorities and will assess any response or further information received in relation to the matter. The company believes it has been in full compliance with applicable laws, regulations and contractual obligations throughout and is committed to remaining so.

No revocation of petroleum rights has been notified

Jura emphasizes that the media report describes possible courses of action reportedly under consideration by the relevant authorities and does not, in itself, constitute a confirmed decision to revoke the company's petroleum rights. In fact, Jura has had no communication from the regulatory authorities on this matter since it last responded to a query in June, 2026. The press article may therefore not accurately reflect the situation.

The company is not aware of any confirmed decision revoking the petroleum rights held by FHL or SEPL and has a number of legal and other avenues open to it if such an unusual decision were to be taken. Jura will continue to monitor developments and provide further disclosure as and when required by applicable securities laws and regulations.

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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