Mr. Nadeem Farooq reports

JURA ANNOUNCES HIGHLY FAVORABLE RESOLUTION OF ARBITRATION PROCEEDINGS REGARDING BADIN IV NORTH AND SOUTH BLOCKS

Jura Energy Corp. has received a highly favourable ruling in its International Chamber of Commerce arbitration proceedings involving Jura's operating subsidiaries, Spud Energy Pty. Ltd. and Frontier Holdings Ltd. (the claimants), and Petroleum Exploration Pvt. Ltd., the operator of the Badin IV North and South blocks.

As previously disclosed by Jura, in 2022, PEL 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. The claimants disputed PEL's actions and the cash calls, and initiated two arbitration proceedings against PEL. The first arbitration, under the terms of a settlement agreement dated Aug. 12, 2016, has been resolved in favour of the claimants.

In a final arbitral award (subject only to reservation on costs), the ICC Arbitration Tribunal rendered a written decision declaring, among other things, that: (i) neither Spud nor FHL breached any of the terms of the settlement agreement in the manner alleged by PEL; (ii) PEL did breach the terms of the settlement agreement; (iii) FHL continues to be a 27.5-per-cent working interest owner in each of the Badin blocks; (iv) PEL is not entitled to seek forfeiture of FHL's working interests in the Badin blocks; (v) FHL is awarded damages against PEL in the sum of approximately $2.48-million (U.S.), plus interest at a rate of 2 per cent per month on a compound basis, representing sums that should have been paid but were not paid to FHL relating to gas sale invoices in respect of Badin IV South for the period from November, 2022, to July, 2023; and (vi) FHL is entitled to be paid any sums due to it pursuant to any gas sale invoices in relation to Badin IV South from August, 2023, onward along with interest thereon in like manner as aforesaid. The arbitral tribunal has also dismissed PEL counterclaims of approximately $483-million (U.S.). In short, the ICC Arbitration Tribunal ruled in favour of FHL and Spud on all their requested reliefs.

The estimated amount of damages and interest thereon awarded to the claimants as of the date of the arbitral award is approximately $5-million (U.S.) and $2-million (U.S.), respectively. Interest will continue to accumulate on the amounts awarded until the time of the claimants' receipt of damages and interest.

Jura is working with its legal team to pursue enforcement of the arbitral award against PEL. Enforcement will necessarily require pleadings to be made in Pakistani courts. While Jura is highly confident of achieving enforcement of the declarations, 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. In addition, once Jura regains 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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