Business
Jura completes acquisition of production assets
Jura completes acquisition of production assets.
About this update from Jura Energy Corporation
[{"type":"text","content":"\n\n\n\nCALGARY, Jan. 3 /CNW/ - Jura Energy Corporation (\"Jura\" or the \"Company\")\nannounced today that it has completed the previously announced acquisition of\nproducing oil and gas assets in Pakistan. Jura has acquired 66.7% of the\nshares of Pyramid Energy International Inc. (\"Pyramid\") from Asia Resources\nOil Ltd. and Industrial Support Limited. The consideration for Jura's interest\nin Pyramid was approximately US$4.8 million in cash, as well as an adjustment\nfor working capital, plus 1,608,889 common shares of Jura.\n\n\nPyramid's only asset is a 15.7895% interest in Block 22, which is\nsituated in the Central Gas Basin in Pakistan. The Block 22 assets comprise\nthree gas fields, Hasan, Khanpur and Sadiq, together with the Hamza appraisal\narea. The fields are currently producing approximately 16 MMcf/d of gas into a\nprocessing facility located adjacent to the Hasan Field from where it is\ndelivered and sold to the Sui Northern Gas Pipeline Ltd. Two new production\nwells have been budgeted and are currently scheduled to be drilled in the\nfirst half of 2007. Block 22 is operated by Petroleum Exploration (Pvt.)\nLimited (\"PEL\"). Jura's portion of the budgeted costs for the drilling of\nthese production wells is US$421,000.\n\n\n\"We are extremely please to have added this producing interest to our\nassets in Pakistan, said Jura's President and CEO, Nigel McCue, \"Jura now\nholds a balanced portfolio of production, development, appraisal and\nexploration projects.\"\n\n\nA technical report in compliance with National Instrument 51-101 in\nrespect of Jura's net 10.53% interest in Block 22 has been prepared by\nMcDaniel & Associates Consultants Ltd, Calgary.\n\n\nThe remaining 33.3% of the shares of Pyramid have been acquired in trust\nfor PEL, with funds of approximately US$3.1 million advanced by Jura, pending\napproval of the State Bank of Pakistan. If PEL or its nominated company does\nnot acquire the shares within 60 days, beneficial ownership of the shares will\nrevert to Jura.\n\n\nAbout Jura:\n\n\nJura is based in Calgary, Alberta, and listed on the Toronto Stock\nExchange trading under the symbol JEC.\n\n\nForward-looking statements: This document contains statements about\nexpected or anticipated future events and financial results that are\nforward-looking in nature and, as a result, are subject to c...