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Jura Announces Dismissal in Full of PEL's Appeal against certain reliefs granted in the Settlement Agreement Arbitral Award
CALGARY, Alberta, Jan. 26, 2026 (GLOBE NEWSWIRE) -- Jura Energy Corporation (" Jura " or the " Co...
About this update from Jura Energy Corporation
[{"type":"text","content":"Jura Announces Dismissal in Full of PEL’s Appeal against certain reliefs granted in the Settlement Agreement Arbitral Award\nCALGARY, Alberta, Jan. 26, 2026 (GLOBE NEWSWIRE) -- Jura Energy Corporation (\"Jura\" or the \"Company\") is pleased to announce that the High Court of Justice, Business and Property Courts of England and Wales Commercial Court (the “UK Court”) has dismissed in full the appeal filed by Petroleum Exploration (Private) Limited (“PEL”) challenging the arbitrator’s jurisdiction in respect of certain reliefs granted to Jura’s operating subsidiaries, Spud Energy (Pty) Limited (“Spud”) and Frontier Holdings Limited (“FHL”) (together, the “Claimants”) in the Settlement Agreement arbitral award. PEL is the operator of the Badin IV South and Badin IV North petroleum concessions (together, the “Badin Assets”) in each of which FHL holds a 27.5% working interest. As previously announced, in December 2024 the International Chamber of Commerce (“ICC”) issued a highly favorable arbitral award (the “Award”) granting in full a number of reliefs sought by the Claimants against PEL. The reliefs included declarations that: The Claimants were not in breach of a settlement agreement dated 12 August 2016 (the “Settlement Agreement”) between PEL and the Claimants;PEL is in breach of the Settlement Agreement;FHL continues to hold a 27.5% working interest in the Badin Assets; andPEL was not and is not entitled to seek forfeiture of FHL’s working interests in the Badin Assets. PEL filed an appeal in the UK Court to elements of the Award in January 2025, challenging the arbitrator’s jurisdiction over certain of the reliefs. The final hearing of the appeal was held on December 15, 2025. The UK Court’s dismissal in full of PEL’s appeal removes a material legal uncertainty affecting the implementation and legal enforcement of certain reliefs granted under the Award. In addition to the appeal’s dismissal, the UK Court awarded approximately GBP 384,000 in costs to the Claimants and granted anti-suit injunction relief restraining PEL from continuation or commencement of any fresh proceedings in breach of the Settlement Agreement. Following the dismissal of PEL&#...